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Rivian (RIVN) Q3 2023 earnings results beat EPS & revenue estimates

Rivian continues to do better than expected and has adjusted its production forecast accordingly.

Ozzie Mejia

November 7, 2023 2:38 PM

Rivian

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Rivian Automotive (RIVN) has reported in with its Q3 2023 earnings results. Following a better-than-expected second quarter, the EV manufacturer has beaten EPS and revenue estimates. The company reported an EPS loss of $1.19/share, which is $0.13 less than what Wall Street projected. Its $1.337 billion revenue gain is likewise modestly higher than the projected $1.3 billion flat number from Wall Street.

According to Yahoo! Finance, Rivian's Q3 2023 revenue figure is up 19.6 percent from Q2 2023 and more than 150 percent than the $536 million reported in 2022. As a result of Tuesday's financial report, Rivian has increased production forecast to 54,000 vehicles, which is a modest increase of 2,000 units from the previous quarter. The company had started the financial year with a production goal of 50,000.

One other interesting note from the Yahoo! Finance story, taken from the Rivian Q3 2023 shareholder letter, is that Rivian is expanding its sales beyond Amazon. While there's still an agreement to produce 100,000 delivery fans for the retail giant, Rivian will now open its doors to other companies interested in its services.

Rivian finished the November 7 trading day up a modest $0.24 per share. That number has risen slightly in after-hours trading.

We're continuing to follow the latest news from EV manufacturers from across the field. Be sure to also read up on the latest from Lucid Motors and follow the electric vehicles topic page.

Ozzie Mejia

Senior Editor

Ozzie has been playing video games since picking up his first NES controller at age 5. He has been into games ever since, only briefly stepping away during his college years. But he was pulled back in after spending years in QA circles for both THQ and Activision, mostly spending time helping to push forward the Guitar Hero series at its peak. Ozzie has become a big fan of platformers, puzzle games, shooters, and RPGs, just to name a few genres, but he’s also a huge sucker for anything with a good, compelling narrative behind it. Because what are video games if you can't enjoy a good story with a fresh Cherry Coke?