On July 31, Rivian Automotive, Inc. fell 5.17% in regular trading, trading at $15.9 USD/share, with turnover of $168 million. The stock had risen over 5% in pre-market following strong Q2 results but gave back all gains after the open.
The company reported Q2 revenue of $1.66 billion, up 27% year-over-year, exceeding market expectations of $1.51 billion. Adjusted loss per share was $0.63, better than the consensus estimate of $0.74. Gross profit turned positive for the quarter, and the mid-size R2 SUV began customer deliveries. The company narrowed its full-year adjusted loss guidance to $1.8-2.0 billion and reduced capital expenditure plans to $1.7-1.8 billion.
Despite the earnings beat, the broader Automobile Manufacturers sector was under pressure. Among sector peers, Tesla fell 1.72%, Ford fell 2.49%, General Motors fell 1.1%, Ferrari fell 1.83%, and Stellantis fell 2.39%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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