Rivian Automotive shares gain 7% on q3 EPS beat, while revenues miss expectations
Rivian Automotive shares gain 7% on Q3 EPS beat, while revenues miss expectations
RIVN
-11.87%
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By Davit Kirakosyan
Rivian Automotive (RIVN) shares surged more than 7% after-hours following the company’s reported Q3 results, with EPS of ($1.57) coming in better than the consensus estimate of ($1.81), while revenue of $536 million missing the consensus estimate of $568.5M.
The company produced 7,363 vehicles and delivered 6,584 vehicles during Q3. As of November 7, 2022, its net R1 preorder backlog was over 114,000 (orders made from U.S. and Canadian-based customers). These preorders are in addition to the 100,000 initial order of electric vans made by Amazon (NASDAQ:AMZN).
The company reaffirmed its 2022 production guidance of 25,000 total units produced and $(5,450)M in adjusted EBITDA.
