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.