Published , by Donovan Erskine
Published , by Donovan Erskine
Rivian’s (RIVN) Q2 2024 has concluded and the company has released its corresponding earnings report. It was a beat on revenue expectations and a smaller-than-expected loss on earnings, and Rivian stock has been volatile in after-hours trading.
Rivian published its Q2 2024 earnings results at the close of markets today. The company’s $1.158 billion in revenue beats the analyst expectation of $1.1 billion. Rivian lost $1.13/share, which is less than the expected $1.21/share.
“The second quarter has been a defining one for Rivian. We have demonstrated strong execution during the quarter with the plant retooling upgrade and launch of second generation R1 vehicles,” said CEO RJ Scaringe. “The changes we made to the R1 platform have allowed us to reduce material and manufacturing costs, while simultaneously improving performance and capabilities. As a testament to our industry-leading technology stack, we also recently announced our proposed JV with Volkswagen Group.”
Rivian stock was up and down in after-hours trading. Shares saw an initial spike before taking a hard fall and eventually balancing out. For more financial stories out of the tech world, Shacknews has what you need to know.