Skip to content
Trending
July 10, 2025Inflation expectations drift back down to pre-tariff levels, New York Fed survey shows July 9, 2025MongoDB close up 13% after company boosts guidance, cites confidence in cloud-based database service July 8, 2025Trump threatens extra 10% tariff on countries that align with ‘Anti-American’ BRICS policies July 7, 2025Tariffs and weaker beer demand are weighing on Modelo owner Constellation Brands July 8, 2025BlackRock keeps its foot on the private-markets pedal with another acquisition July 8, 2025‘F1’ is Apple’s highest-grossing theatrical film ever July 10, 2025Most Fed officials see rate cuts coming, but opinions vary widely on how many, minutes show July 7, 2025Why Trump tax deductions โ€” for tips, car loans and more โ€” may not carry large benefits for low earners July 9, 2025Trump threatens to impose up to 200% tariff on pharmaceuticals ‘very soon’ July 7, 2025With June jobs report looming, DOGE government layoffs could start becoming a factor
EverydayRead
  • HOME
  • Business
  • Earnings
  • Economy
  • Finance
  • Lifestyle
EverydayRead
EverydayRead
  • HOME
  • Business
  • Earnings
  • Economy
  • Finance
  • Lifestyle
EverydayRead
  Earnings  Rivian lowers earnings guidance after missing Wall Street’s third-quarter expectations
Earnings

Rivian lowers earnings guidance after missing Wall Street’s third-quarter expectations

AdminAdmin—November 11, 20240

Rivian CEO RJ Scaringe: Our core focus is driving toward profitability

Rivian Automotive lowered its earnings forecast for the year after missing Wall Street’s third-quarter expectations, including a significant miss in revenue.

Here is how the company performed in the quarter, compared with average estimates compiled by LSEG:

  • Loss per share: 99 cents adjusted vs. a loss of 92 cents expected
  • Revenue: $874 million vs. $990 million expected

Rivian said it now expects adjusted earnings before interest, taxes, depreciation and amortization of between a loss of $2.83 billion and a loss of $2.88 billion. That compares to a previous guidance of a roughly $2.7 billion loss.

But Rivian reconfirmed plans Thursday to achieve a “modest positive gross profit” during the fourth quarter of this year, which is being closely monitored by Wall Street.

More stories

UK’s popular sausage roll seller plunges 15% as heatwave hurts sales

July 3, 2025

Intuit shares drop as quarterly forecast misses estimates due to delayed revenue

November 22, 2024

Abbott Labs shares surge on earnings and a big sign of confidence in the business

April 17, 2025

MongoDB shares surge as high as 16% on guidance boost

August 31, 2024

“Our core focus is on driving toward profitability,” Rivian CEO RJ Scaringe told CNBC’s Phil LeBeau on Thursday. “Looking at Q4, we continue to guide toward gross margin.”

The company reported a negative gross profit of $392 million for the third quarter compared with a loss of $477 million a year earlier.

Stock Chart IconStock chart icon
hide content

Shares of electric vehicle companies Rivian, Lucid and Tesla in 2024.

Shares of Rivian during after-hours trading Thursday were up roughly 2% after initially declining. The stock closed Thursday at $10.05, up 3.5%

RBC Capital Markets analyst Tom Narayan said the company maintaining the gross profit target should benefit the stock: “Many analysts we spoke to into the print thought the company might withdraw this target. On that basis, we could see shares trade higher,” he said in an investor note Thursday.

The automaker’s net loss narrowed year over year to $1.1 billion compared to $1.37 billion during the third quarter of 2023. Its revenue, including $8 million in sales of regulatory credits, dropped 34.6% compared to a year ago amid supplier disruptions that affected the company’s production.

“This has been a tough quarter for us,” Scaringe told investors Thursday about the supplier issues. “We’re seeing this as a short-term issue.”

Rivian last month lowered its annual production forecast from 57,000 units to between 47,000 and 49,000 units due to the disruption. It reconfirmed that range Thursday.

The supplier disruptions have occurred as the automaker attempts to launch its second-generation “R1” vehicles. The 2025 model-year redesigns included significant changes to the vehicle’s internal parts.

Separate from third-quarter results, Rivian on Thursday announced an “important strategic partnership” with LG Energy Solution to supply U.S. manufactured battery cells for the company’s upcoming R2 vehicles in 2026.

Donโ€™t miss these insights from CNBC PRO

Painting the town pink and green: ‘Wicked’ takes over retail ahead of theatrical debut
Former Treasury Secretary Mnuchin says Trump’s top priorities will be tax cuts, Iran sanctions and tariffs
Related posts
  • Related posts
  • More from author
Earnings

MongoDB close up 13% after company boosts guidance, cites confidence in cloud-based database service

July 9, 20250
Earnings

Brown-Forman shares plummet as whiskey maker warns of tariff uncertainty

July 8, 20250
Earnings

Tariffs and weaker beer demand are weighing on Modelo owner Constellation Brands

July 7, 20250
Load more
Read also
Finance

Most Fed officials see rate cuts coming, but opinions vary widely on how many, minutes show

July 10, 20250
Economy

Inflation expectations drift back down to pre-tariff levels, New York Fed survey shows

July 10, 20250
Earnings

MongoDB close up 13% after company boosts guidance, cites confidence in cloud-based database service

July 9, 20250
Business

Trump threatens to impose up to 200% tariff on pharmaceuticals ‘very soon’

July 9, 20250
Finance

BlackRock keeps its foot on the private-markets pedal with another acquisition

July 8, 20250
Economy

Trump threatens extra 10% tariff on countries that align with ‘Anti-American’ BRICS policies

July 8, 20250
Load more
ยฉ 2023, All Rights Reserved.
  • About Us
  • Advertise With Us
  • Contact Us
  • Disclaimer
  • Cookie Law
  • Privacy Policy
  • Terms & Conditions