2024-02-21 16:21:48 ET
Rivian Automotive Inc (NASDAQ: RIVN) tanked in extended hours on Wednesday even though it reported better-than-expected results for its fourth financial quarter.
This is a developing story. Figures missing below will be updated as received!
Why is Rivian stock taking a beating in after-hours?
The stock is being punished also because the EV maker issued disappointing production guidance or 2024. Rivian now expects to make about 57,000 electric vehicles this year.
In comparison, it produced 57,232 vehicles in total last year. Still, RJ Scaringe – the chief executive of Rivian Automotive Inc said in a press release today:
We are aggressively focused on driving cost efficiency throughout the business, achieving positive margins and building our go-to-market function to support our long-term growth.
delivered 13,972 vehicles in its fourth quarter – a 10.2% sequential decline that was roughly in line with expectations. Rivian stock is now down about 40% versus the start of this year.
Watch here: https://www.youtube.com/embed/iTfzE5sR2HE?feature=oembedNotable figures in Rivian Q4 earnings report
Lost $1.52 billion versus the year-ago $1.72 billion
Per-share loss also narrowed from to
Adjusted loss printed at a share as per the earnings report
Revenue climbed % year-over-year to $1.31 billion
Consensus was $1.33 a share loss on $1.25 billion revenue
Note that Rivian Automotive ended its Q4 with $10.46 billion in total liquidity. CEO Scaringe also said on Wednesday:
We’re excited about the year ahead, but recognize in the short-term, the challenging macro-economic conditions. We are excited about the reveal of our next generation vehicle, R2, on March 7.
This is a developing story. Check back in a few minutes for more updates!
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