Rivian Prepares for Second Quarter Earnings Release
Analysts Predict Loss, Positive Gross Profit Projection
Electric vehicle manufacturer Rivian Automotive (RIVN) is set to release its second-quarter financial results on August 6, 2024, after the market closes. Analysts anticipate that Rivian will report a net loss. However, despite losing $14 billion in the first quarter, the company anticipates achieving its first positive gross profit by the end of the year.
Gross Loss Increase, Revenue Jump
Rivian's gross loss increased slightly year-over-year to $451 million, compared to $412 million in Q2 2023. However, the company's revenue is expected to increase significantly, with Bloomberg consensus projecting revenue of $11.65 billion for the quarter. This represents a substantial 76% increase from the same period last year.
The Zacks Consensus Estimate for the second-quarter net loss is $1.59 per share. Rivian's financial performance will provide insights into the company's progress and the overall growth of the electric vehicle market.
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