Why Rivian Stock Dropped Wednesday
Rivian Automotive (NASDAQ: RIVN) didn't hit investors with any major surprises in the second-quarter update it released Tuesday night. But apparently, that was a problem for some who wanted more.
Rivian shares dropped sharply in early trading Wednesday. After bouncing back from a 10% fall, the stock was trading lower by 3.8% at 11 a.m. ET.
Investors were disappointed with an adjusted loss that was bigger than the year-ago period's. But revenue was higher than in last year's second quarter, and the company has used less cash in operating activities in the first half of this year. That's notable because inventory was much lower, indicating demand is holding up for Rivian's electric vehicles (EVs).
Source Fool.com
