For the second day in a row, shares of Rivian Automotive (NASDAQ: RIVN) tumbled on Friday -- falling 6.5% through 11:15 a.m. ET in its second day after wowing investors with its first-quarter earnings report.
And it's Rivian's own business strategy that's to blame.
Two days ago, Rivian reported beats on both its top and bottom lines. Sales for the first quarter of the year reached $661 million, which was better than analysts' expected $652 million -- and a sevenfold increase over Q1 2022. The electric truck maker also reported a smaller loss than expected -- $1.43 per share instead of $1.59.
Source Fool.com