3 Key Things From Rivian's Earnings Call Investors Should Know
Last week, electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN) released its third-quarter report. The highlights include better-than-expected revenue and earnings, a raise of 2023 annual production guidance by 2,000 vehicles to 54,000 total units, and the end of its commercial van exclusivity agreement with Amazon.
Revenue was $1.34 billion, up 149% from the year-ago period and up 19% from the prior quarter. Growth was primarily driven by the 15,564 vehicles delivered in the quarter, up 23% from the second quarter. Adjusted net loss was $1.13 billion, or $1.19 per share, a 24% improvement from the year-ago period. Wall Street was looking for an adjusted loss of $1.33 per share on revenue of $1.31 billion, so Rivian beat both expectations.
Earnings releases tell only part of the story. Here are three key things management shared on Rivian's Q3 earnings call that investors should know.
Source Fool.com
