Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Rivian Automotive shares gain 7% on q3 EPS beat, while revenues miss expectations

Published 11/09/2022, 04:54 PM
Updated 11/09/2022, 05:07 PM
© Reuters Rivian Automotive shares gain 7% on Q3 EPS beat, while revenues miss expectations

By Davit Kirakosyan

Rivian Automotive (RIVN) shares surged more than 7% after-hours following the company’s reported Q3 results, with EPS of ($1.57) coming in better than the consensus estimate of ($1.81), while revenue of $536 million missing the consensus estimate of $568.5M.

The company produced 7,363 vehicles and delivered 6,584 vehicles during Q3. As of November 7, 2022, its net R1 preorder backlog was over 114,000 (orders made from U.S. and Canadian-based customers). These preorders are in addition to the 100,000 initial order of electric vans made by Amazon (NASDAQ:AMZN).

The company reaffirmed its 2022 production guidance of 25,000 total units produced and $(5,450)M in adjusted EBITDA.

Latest comments

Why would anybody in the ETruck market want the Tesla oddity over this cool truck?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.