Home » Rivian slumps on Wall Street, disappoints 2023 outlook on margins, production By Investing.com

Rivian slumps on Wall Street, disappoints 2023 outlook on margins, production By Investing.com

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Rivian slumps on Wall Street, disappoints 2023 outlook on margins, production By Investing.com
© Reuters

Di Davit Kirakosyan

After garnering 4.6% in the regular session, Rivian (NASDAQ: ) tumbled more than 8% in the after-hours following the release of fourth-quarter results on revenue of $663 million, significantly worse than consensus estimates of $729 million, on deliveries of 8,054 vehicles out of 10,020 produced.

EPS was ($1.87), better than consensus estimates of ($1.96).

According to the company, the supply chain continues to be “the main limiting factor of production” and it expects these challenges to persist in 2023, but with better predictability than experienced in 2022.

The company’s production forecast for fiscal 2023 came in lower than analysts’ estimates. For full-year 2023, Rivian expects 50,000 vehicles produced and adjusted EBITDA of $4.3 billion.

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