5 days ago
Workers assemble second-generation R1 vehicles at electric auto maker Rivian's manufacturing facility in Normal, Illinois, U.S. June 21, 2024.
Joel Angel Juarez | Reuters
Rivian Automotive missed Wall Street's third-quarter expectations and saw a significant drop in revenue.
Here's how the company performed in the quarter, compared with average estimates compiled by LSEG:
Loss per share: 99 cents adjusted vs. a loss of 92 cents expectedRevenue: $874 million vs. $990 million expectedRivian reconfirmed plans Thursday to achieve a "modest positive gross profit" during the fourth quarter of this year. The company reported a negative gross profit of $392 million for the third quarter compared with a loss of $477 million a year earlier.
The automaker's net loss narrowed year-over-year to $1.1 billion compared to $1.37 billion during the third quarter of 2023. Its revenue compared to a year ago dropped by 34.6% amid supplier disruptions that impacted the company's production.
Rivian last month lowered its annual production forecast from 57,000 units to between 47,000 and 49,000 due to the disruption.
This is breaking news. Please check back for additional updates.
