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Rivian shares jump after raised delivery guidance and stronger revenue growth
Rivian grew revenue by more than 27% year over year and shares rose about 10% over five days ending Aug. 21, amid renewed optimism about its upcoming R2 launch.
Rivian Automotive shares climbed recently as the company raised its delivery guidance, fueling bullish sentiment around improving demand signals and sales growth, according to MarketBeat Ratings.
The outlet said Rivian rose about 10% over the five days ending Aug. 21, despite the stock largely trading in a wide sideways range over the past year as investors waited for stronger proof of progress following its 2021 IPO peak.
MarketBeat Ratings noted that Rivian reported results at the end of July that beat analyst expectations and showed revenue growth of more than 27% year over year, alongside the raised guidance.
The report tied the guidance increase to the launch of Rivian’s new R2 model, a more affordable vehicle aimed at expanding the company beyond its premium niche, and said the company continues to suggest its newer vehicles should begin generating positive gross profit.