Wednesday, February 21, 2024
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Rivian Stock Jumps To 3-Week High Premarket: What's Going On?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rallied in premarket trading on Wednesday after the electric vehicle startup reported above-consensus revenue and bottom-line results for the third quarter.

The company reported a non-GAAP loss of $1.19 per share, narrower than the year-ago loss of $1.57 per share. Revenue climbed 150% to $1.34 billion. Both metrics exceeded the consensus estimates that called for a loss per share of $1.32 and revenue of $1.327 billion.

The company also raised its 2023 production guidance from 52,000 units to 54,000 units. On the earnings call, CEO RJ Scaringe sounded upbeat about the company’s next-gen R2 platform, which would be used to ...

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