Rivian Automotive Inc. (Nasdaq: RIVN) reported third quarter results that fell short of analysts’ consensus estimate, but saw its stock boosted after it reported a narrower quarterly loss than expected, while also reaffirming its full-year production forecast and earnings outlook.
The Irvine EV maker reported $536 million in revenue. Analysts, on average, estimated the company would see revenue climb to $552 million in the third quarter.
Revenue for Rivian was primarily driven by delivered vehicles, which totaled 6,584 for the quarter. The company last year delivered just 11 vehicles in its third quarter.
Shares in Rivian jumped 6.8% to $29.97 apiece in afterhours trading; it currently has a market valuation near $25 billion.