RIVN - Why Rivian Stock Is Sliding Downhill Premarket Today | Benzinga
Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell sharply in Wednesday’s premarket session, a day after the EV maker reported its first-quarter results.
The company reported quarterly revenue of $1.204 million, exceeding the consensus estimate of $1.16 billion. The loss per share of $1.45 was more than the $1.25 loss estimated by the Street. The company maintained its 2024 production guidance of 57,000 units.
CFO Claire McDonough said on the earnings call that the 2024 capital expenditure guidance stands reduced by $550 million to $1.2 billion, attributing the cut to the savings stemming from the ...