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.

South Africa South Africa Latest News, South Africa South Africa Headlines

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

Rivian cuts earnings guidance after missing Wall Street's third-quarter expectationsRivian Automotive missed Wall Street’s third-quarter expectations, including a massive difference in revenue of $116 million.
Source: NBCNewYork - 🏆 270. / 63 Read more »

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.
Source: BreitbartNews - 🏆 610. / 51 Read more »

Stock market today: Asian markets mostly fall after Wall Street logs 3rd loss in a rowShares are mostly lower in Asia after a third straight day of losses on Wall Street.
Source: ksatnews - 🏆 442. / 53 Read more »

Stock market today: Asian markets mostly fall after Wall Street logs 3rd loss in a rowShares are mostly lower in Asia after a third straight day of losses on Wall Street.
Source: wjxt4 - 🏆 246. / 63 Read more »