Earnings

Rivian (RIVN) earnings Q1 2023

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Electric vehicle maker Rivian Automotive on Tuesday reported a first-quarter loss that was narrower than expected and said it’s still on track to meet a 50,000-vehicle production target for 2023.

Shares were up about 4% in after-hours trading following the news.

Here’s how the company did as per consensus analyst estimates by Refinitiv:

  • Loss per share: $1.25 adjusted vs. $1.59 expected.
  • Revenue: $661 million vs. $652.1 million expected.

Rivian’s net loss narrowed to $1.35 billion, or $1.45 per share, from $1.59 billion, or $1.77 per share, during the year-earlier period.

Total revenue soared year over year from $95 million, according to the company.

The EV maker had $11.8 billion in cash…



Source cnbc.com

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