Rivian Automotive Inc. reported on Tuesday that its revenues reached $1.12 billion in the second quarter of its fiscal year 2023 after a 208% surge from the same timeframe in 2022. Diluted net loss per share declined 33% to $1.27, while loss from operations decreased 25% to $1.3 billion in the three-month period that ended on June 30, 2023.
"We are increasing our production guidance to 52,000. We have also seen strong progress in our cost reduction efforts ... Finally, we have reduced our expected capital expenditures for the year driven by a shift in expense timing. We are lowering our capital expenditures guidance to [$1.7 billion]," the electric vehicle maker said.
Company stock declined 2.22% in late trading.
