Rivian cuts earnings guidance after missing Wall Street's third-quarter expectations

Rivian Automotive missed Wall Street's third-quarter expectations, including a massive difference in revenue of $116 million.

The automaker's net loss narrowed year-over-year to $1.1 billion compared with $1.37 billion during the third quarter of 2023.Rivian said it now expects adjusted earnings before interest, taxes, depreciation, and amortization of between a loss of $2.83 billion and a loss of $2.88 billion loss. That compares to a previous guidance of roughly $2.7 billion loss.

Rivian reconfirmed plans Thursday to achieve a"modest positive gross profit" during the fourth quarter of this year. The company reported a negative gross profit of $392 million for the third quarter compared with a loss of $477 million a year earlier.The automaker's net loss narrowed year-over-year to $1.1 billion compared to $1.37 billion during the third quarter of 2023. Its revenue compared to a year ago dropped by 34.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Breitbart Business Digest: Wall Street Sides with Harris, Main Street Sides with TrumpSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
La source: BreitbartNews - 🏆 610. / 51 Lire la suite »

GM raises 2024 earnings guidance after easily topping Wall Street's third-quarter expectationsGM's quarterly report comes just two weeks after an investor day in which the company indicated its earnings strength is expected to continue into next year.
La source: CNBC - 🏆 12. / 72 Lire la suite »

Here's what Wall Street analysts are saying after Amazon's third-quarter earningsWall Street analysts think Amazon is only at the beginning of a new era of growth.
La source: CNBC - 🏆 12. / 72 Lire la suite »