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.

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