e.l.f. Beauty stock plummets 20% as revenue and guidance fall short of expectations
Investing.com - Rivian Automotive Inc (NASDAQ:RIVN) shares rose in premarket U.S. trading on Wednesday after the electric vehicle maker reported better-than-expected third-quarter results, with both earnings and revenue surpassing analyst estimates.
The EV manufacturer posted a third-quarter loss of $0.65 per share, better than analyst consensus forecasts of $0.74. Revenue jumped 78% compared to a year ago to $1.56 billion, exceeding expectations of $1.52 billion.
The company delivered 13,201 vehicles during the quarter, which it had previously indicated would be its highest delivery quarter for the year.
Like peer Tesla, California-based Rivian benefited from consumers rushing to lock in car purchases prior to the expiration of $7,500 U.S. tax credits for electric vehicles.
However, the company reiterated its 2025 annual guidance for vehicle deliveries, which it recently lowered to a range of between 41,500 and 43,500 units, as it geared up for weaker demand after the tax credits expire. Rivian also confirmed that preparations for the launch of its R2 vehicle in the first half of 2026 remain on track, with manufacturing validation builds expected to begin by year-end.
Rivian recently completed construction of its R2 body shop and general assembly facility in Normal, Illinois, and has updated its paint shop to increase total annual capacity to 215,000 units per year.
"In Q3, we continued to make significant progress across our strategic priorities which includes R2 and our technology roadmap," said RJ Scaringe, Rivian Founder and CEO.
(Scott Kanowsky contributed reporting.)