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.
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