Rivian lowers 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.Follow your favorite stocksWorkers assemble second-generation R1 vehicles at electric auto maker Rivian's manufacturing facility in Normal, Illinois, U.S. June 21, 2024.lowered its earnings forecast for the year after missing Wall Street's third-quarter expectations, including a significant miss in revenue.

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 34.6% amid supplier disruptions that impacted the company's production.This is breaking news. Please check back for additional updates.

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