What's Going On With Rivian? EV Maker's Stock Dips On Heels Of Q2 Earnings
Portfolio Pulse from Henry Khederian
Rivian Automotive Inc (NASDAQ:RIVN) shares fell 3.55% to $13.46 following its Q2 earnings report. The company reported $1.16 billion in revenue, surpassing estimates, but posted a larger-than-expected loss of $1.46 per share. Rivian produced 9,612 vehicles and delivered 13,790 in the quarter. The company's liquidity was bolstered by a $1 billion unsecured convertible note from Volkswagen.
August 12, 2024 | 7:40 pm
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NEGATIVE IMPACT
Rivian's stock fell 3.55% after Q2 earnings report. The company exceeded revenue expectations but reported a larger-than-expected loss per share. Production and delivery numbers were strong, and liquidity was bolstered by a $1 billion note from Volkswagen.
The stock price decline is due to the larger-than-expected loss per share despite exceeding revenue expectations. The strong production and delivery numbers, along with increased liquidity from Volkswagen, provide some positive aspects, but the overall market reaction is negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100