Rivian Reports Q4 2022 Earnings, Shares Future Plans

  • 📰 InsideEVs
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

Rivian Reports Q4 2022 Earnings, Shares Future Plans via insideevs.com

Rivian reported its Q4 2022 and full-year earnings this week, and it failed to meet earnings expectations based on the consensus from Wall Street. While the company has struggled with much adversity over the years, it's looking forward to 2023 and beyond with grand plans.

Rivian's revenue came in a $663 million compared to the ~$742 million that Wall Street analysts forecasted. Meanwhile, the US maker upped its earnings per share to $1.73. Again, Wall Street expected even more success, predicting $1.94 per share.suffered massive overall losses yet again, though they weren't nearly as bad as the $2.5 billion the company lost in Q4 2021. Rivian cut its losses to $1.72 billion this time around. That said, the company noted that it still has over $12 billion in cash on hand.

The EV startup hopes to be profitable by the end of 2024, which probably seems like a stretch considering the nature of this report thus far. Yet, some Wall Street analysts expected Rivian to reach profitability sooner.Rivian also provided some details about its future plans. The electric carmaker aims to double production for 2023, making some 50,000 EVs for the year as a whole. While that may seem optimistic, Wall Street yet again expected more.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 579. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rivian stock sinks after earnings miss, weak outlookRivian lost $1.7 billion, or $1.87 a share, in the recent quarter, compared with $2.5 billion, or $4.83 a share, in the same period last year. Sales were below expectations. $RIVN dropped in after-hours trading: Bankruptcy in the next 12 months . . . Time to buy CenntroMotors amazon Are you comparing stock price drops for a quarter relative to the past year? There couldn’t possibly be any implications to be drawn from that useless data ?
Source: MarketWatch - 🏆 3. / 97 Read more »

Germany’s Recorded Music Market Reports 6% Growth In 2022, Powered by StreamingCountry’s business exceeds two billion Euros for first time in two decades, thanks to robust streaming.
Source: billboard - 🏆 112. / 63 Read more »