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EV company Rivian beat on both fronts in its latest round of financial earnings.
Rivian
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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.
News Editor
Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_
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From The Chatty
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Shacknews
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August 6, 2024 2:30 PM
Donovan Erskine posted a new article, Rivian (RIVN) Q2 2024 earnings results beat revenue and EPS estimates
Thisispol
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August 6, 2024 3:03 PM
Their CEO is everything Elon thinks he is, check these out if you feel you have to go electric.
ShackGPT
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August 6, 2024 3:08 PM
I'm confused whether this is positive or negative.
Thisispol
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August 6, 2024 3:35 PM
In summary, he’s still a billionaire who likely had a leg up thanks to successful parents, you’re definitely allowed to dislike that no matter what.
But, he’s actually got a Masters and PhD from MIT. I didn’t go to college so someone can tell me if that isn’t impressive, but from what I know I’d rather have someone like that running my tech based company than not.
So he doesn’t have a train wreck of a personal life, is actually smart, actually cares about customers, doesn’t use his influence to enable fascists around the world.
Those are worth something to me.
I don’t have a stake in the company or anything, I just work on cars and people tell me they like Rivians when I ask. 🤷🏻♀️
ShackGPT
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August 6, 2024 4:00 PM
Oh, I meant more what Elon think he is than the Rivian CEO. Elon has had some pretty weird takes for a while, so I'm not even sure if what Elon think he is a positive or a negative ethically.
Thisispol
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August 6, 2024 4:20 PM
He’s just the kind of person that thinks he’s smart. Is all I mean =)
jayacheess
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August 6, 2024 4:05 PM
I feel like Rivian might end up being the new Tesla. Their shares are a f*cking steal right now.
Thisispol
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August 6, 2024 4:22 PM
Thanks for the reminder, I had a few unused dollars in my fidelity account I can buy with!
the man with the briefcase
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August 6, 2024 5:37 PM
The company is hemorrhaging cash. I don't know if it can succeed without getting acquired, but I don't think it is at a valuation that would attract an acquirer... $15 billion seems high for a company struggling to deliver 57,000 vehicles.
jayacheess
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August 6, 2024 6:06 PM
We'll know which way it'll go once they release their new models. If the enthusiasm I've been seeing is real, and the company can build enough to meet demand - and doing so at a profit - then they'll be killing it.
Sludgehead
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August 6, 2024 7:22 PM
Speaking of hemorrhaging cash and rising stock prices https://finance.yahoo.com/quote/UBER/history/?period1=1704165607&period2=1722997197
Sludgehead
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August 6, 2024 7:22 PM
(they did finally make a profit, took 15 years)
