Why Rivian Stock Plunged Today
Shares of Rivian Automotive (NASDAQ: RIVN) are down 25.7% as of 1:30 p.m. ET Thursday after the electric vehicle company announced mixed quarterly results, disappointing forward guidance, and a layoff of 10% of its workforce amid dwindling cash reserves.
For its fourth quarter of 2023, Rivian's revenue grew 167% year over year to $1.315 billion, translating to a non-GAAP (adjusted) net loss of $1.308 billion, or $1.36 per share. Analysts, on average, were modeling a narrower net loss of $1.32 per share, but on lower revenue of $1.26 billion.
Trending toward the bottom line, Rivian's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss was $1.096 billion in Q4, narrowed from an adjusted EBITDA loss of $1.461 billion in last year's fourth quarter.
Source Fool.com
