Streetbeat News

Earnings

RIVN

Rivian Automotive has announced halting the construction of its $5 billion Georgia plant to cut costs, opting to launch its new R2 SUV from its Illinois facility instead. This move is expected to save the company $2.25 billion, enabling an earlier launch of the R2 vehicle. Despite the halt, the Georgia plant remains crucial for future R2 and R3 CUV production. Rivian aims to start R2 production in the first half of 2026, with plans to increase the Normal factory's capacity to 215,000 units annually. The company reported a Q4 2023 revenue of $1.3 billion and a net loss of $1.52 billion but maintains sufficient liquidity to fund operations until R2 production begins.

Portfolio Pulse from Anan Ashraf

March 08, 2024 | 4:56 am

AVGO

COST

MDB

MRVL

TSLA

The S&P 500 and Nasdaq 100 indices rose, driven by Fed Chair Jerome Powell's hints at potential interest rate cuts. Broadcom, Marvell Technology, Costco, MongoDB, and Tesla were key stocks on investors' radars, with Broadcom and Marvell beating earnings estimates, Costco missing revenue expectations, MongoDB exceeding earnings and sales forecasts, and Tesla facing a significant weekly loss and operational challenges in Germany.

Portfolio Pulse from Benzinga Neuro

March 08, 2024 | 4:22 am

LVRO

Lavoro (NASDAQ:LVRO) reported Q2 2024 earnings of $0.020 per share, missing the consensus estimate of $0.040. Sales were $618.7M, below the expected $675.834M, but marked a 101.14M% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 10:34 pm

DBVT

DBV Technologies (NASDAQ:DBVT) reported Q4 2023 GAAP EPS of $(0.060) and sales of $8.875M, significantly beating the analyst consensus estimate of $412K. This represents a 758.38% increase in sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 10:31 pm

FNKO

Funko (NASDAQ:FNKO) reported Q4 earnings of 1 cent per share, surpassing the expected loss of 4 cents per share, with sales of $291.2 million exceeding estimates by 3.28%. Inventory levels were significantly reduced, and CFO/COO Steve Nave announced his resignation. The company has implemented a plan to cut costs and improve efficiency, expecting Q1 net sales between $214 million and $227 million, and FY 2024 sales between $1.047 billion and $1.103 billion. FNKO shares rose 12.58% in after-hours trading.

Portfolio Pulse from Erica Kollmann

March 07, 2024 | 10:23 pm

III

Information Services (III) has projected its Q1 revenues to be between $65M-$67M, falling short of the estimated $72.26M.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 10:21 pm

GEVO

Gevo Inc. (NASDAQ:GEVO) reported Q4 2023 GAAP EPS of $(0.080), missing the $(0.050) estimate, and sales of $4.374M, slightly below the $4.424M estimate. Despite the miss, sales increased by 702.57% compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 10:21 pm

MKFG

Markforged Holding projects its FY24 adjusted EPS to be between $(0.22) and $(0.19), compared to the estimated $(0.21). The company anticipates revenue to be in the range of $95M to $105M, versus the estimated $95.244M.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 10:19 pm

NINE

Nine Energy Service (NYSE:NINE) reported Q4 2023 earnings with losses of $(0.300) per share, meeting analyst estimates. Sales reached $144.073M, surpassing the $142.150M forecast but marking a 13.56% decrease from the previous year.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 10:17 pm