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Rivian Shares Jump on Earnings

Reiterates production guidance

Shares in electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) in Irvine jumped 5.5% in after-hours trading following the company’s report of better-than-estimated earnings. 

Rivian said first-quarter revenue was $661 million, ahead of the analyst estimates of $652 million and more than six times the amount reported in the first quarter of 2022. Adjusted earnings per share loss of $1.25 was narrower than analysts’ estimates. 

The company also reiterated its 50,000 unit annual production guidance it provided during its fourth quarter earnings report.

Shares in the company jumped 5.5% to $14.62 apiece for a market cap of $13 billion as of 7.59 p.m. in New York.

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
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