Wall Street is looking for Rivian to hit $1 billion in quarterly revenue and keep a lid on costs.
Rivian Automotive Inc. is slated to report second-quarter earnings after the bell on Tuesday, with Wall Street expecting the EV maker’s revenue to hit $1 billion after blowout quarterly production and sales numbers.
Rivian RIVN last month surprised Wall Street by reporting second-quarter sales that were up about 60% quarter-on-quarter, and production about 50% higher as well, and crucially kept its 2023 production guidance of 50,000 vehicles. “Rivian’s losses have progressively dropped and their losses on net income will need to be under $1 billion in the quarter to keep investors happy,” Fiorani said.Earnings: Analysts polled by FactSet expect Rivian to report an adjusted loss $1.43 a share, which would be narrower than the loss of $1.62 a share in the second quarter of 2022.
That outperformance holds so far this year, albeit less so — the stock is up about 37% so far this year, and the S&P has gained around 17%. Investors also will be keen to see if Rivian continues to be on a road to recovery from supply-chain-related production problems earlier this year.
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