Rivian Reports Q4 2022 Earnings, Shares Future Plans via insideevs.com
Rivian reported its Q4 2022 and full-year earnings this week, and it failed to meet earnings expectations based on the consensus from Wall Street. While the company has struggled with much adversity over the years, it's looking forward to 2023 and beyond with grand plans.
Rivian's revenue came in a $663 million compared to the ~$742 million that Wall Street analysts forecasted. Meanwhile, the US maker upped its earnings per share to $1.73. Again, Wall Street expected even more success, predicting $1.94 per share.suffered massive overall losses yet again, though they weren't nearly as bad as the $2.5 billion the company lost in Q4 2021. Rivian cut its losses to $1.72 billion this time around. That said, the company noted that it still has over $12 billion in cash on hand.
The EV startup hopes to be profitable by the end of 2024, which probably seems like a stretch considering the nature of this report thus far. Yet, some Wall Street analysts expected Rivian to reach profitability sooner.Rivian also provided some details about its future plans. The electric carmaker aims to double production for 2023, making some 50,000 EVs for the year as a whole. While that may seem optimistic, Wall Street yet again expected more.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Rivian stock sinks after earnings miss, weak outlookRivian lost $1.7 billion, or $1.87 a share, in the recent quarter, compared with $2.5 billion, or $4.83 a share, in the same period last year. Sales were below expectations. $RIVN dropped in after-hours trading:
Les mer »
For subscribers: SDG&E kicks in $16 million of shareholder funds to help financially strapped customersThe announcement comes one day before parent company Sempra releases its 2022 earnings.
Les mer »
Germany’s Recorded Music Market Reports 6% Growth In 2022, Powered by StreamingCountry’s business exceeds two billion Euros for first time in two decades, thanks to robust streaming.
Les mer »
Rivian Burning Through Cash, Demand Is A Concern Going ForwardOn the heels of its Q4 earnings, Rivian is struggling with cash and the demand for its EVs. It doesn't look like it's going to get easier in the near term.
Les mer »
Rivian R1T, Mini Cooper Electric owners happiest with their EVsThe J.D. Power 2023 U.S. Electric Vehicle Experience (EVX) Ownership Study shows Rivian R1T and Mini Cooper Electric owners are the happiest.
Les mer »
Rivian R1T And Mini Cooper SE Top JD Power US EV Experience StudyThe Rivian R1T earns the top score overall and overtakes the Tesla Model 3 in the premium segment. Meanwhile, the Cooper SE grabs the win for mass-market EVs.
Les mer »