Rivian Stock Falls On Revenue Miss
Oct 5, 2023 By MarketDepth
Rivian Automotive (RIVN:NASD) stock is down almost 20% on the day after lower-than-expected revenue and announcing the raising of more capital. The company is issuing $1.5 billion in convertible notes which has caused considerable downward pressure on the stock. Also negative external factors such as the SPX and DOW both down on the day.
Rivian third-quarter sales were slightly lower than analyst expectations which came in at $1.31 billion instead of the $1.38 billion expected. The company continues to grow its deliveries but the EV market has seen significant pressure with price cuts from Tesla causing other car manufacturers to follow suit.
Rivian stock is down 19% intraday but is up about 20% on the year.