Rivian Automotive Inc. shares dropped greater than 2% within the prolonged session Tuesday after a wider-than-expected quarterly loss for the EV maker overshadowed a income beat and a manufacturing outlook elevate.
Rivian
RIVN,
misplaced $1.2 billion, or $1.89 a share, within the second quarter, in contrast with a lack of $1.7 billion, or $1.88 a share, a yr in the past. Adjusted for one-time objects, Rivian misplaced $1.62 a share.
Revenue rose to $1.12 billion because of quarterly gross sales that exceeded expectations, the corporate mentioned.
FactSet consensus known as for a lack of $1.43 a share for Rivian on gross sales of $1.02 billion.
“We have also seen strong progress in our cost-reduction efforts,” Rivian mentioned in a letter to shareholders accompanying outcomes.
The firm stays “focused” on rising manufacturing and implementing applied sciences aimed toward lowering prices and bettering its merchandise, it mentioned.
Rivian bumped its 2023 manufacturing outlook to 52,000 automobiles, from a earlier expectations of fifty,000 automobiles.
Rivian shocked Wall Street final month by asserting second-quarter deliveries that just about tripled, and manufacturing knowledge that greater than tripled from a yr in the past.
See additionally: Rivian’s inventory has been rocketing, and this analyst now urges a pause
Rivian shares have gained 36% to this point this yr, in contrast with an advance of about 17% for the S&P 500 index
SPX.
Source web site: www.marketwatch.com
