Rivian Stock Jumps After Q2 Double Beat, R2 Deliveries Begin

Rivian Automotive Inc. (NASDAQ: RIVN ) shares are trading higher Friday after the company reported second-quarter results on Thursday after the market closed.

Rivian Automotive stock is surging to new heights today.

Why are RIVN shares rallying? Q2 Loss Narrows On Strong Revenue Growth Rivian reported a loss per share of 63 cents, beating the consensus estimate of 74 cents loss.

In addition, it reported revenue of $1.65 billion, beating the consensus estimate of $1.50 billion.

Consolidated revenue rose 27% year-over-year, driven by a 14% increase in delivery volumes and strong performance from the company’s software and services segment.

Gross profit came in at $179 million, a $385 million improvement over the same quarter last year.

Net loss attributable to common stockholders narrowed to $837 million from $1.115 billion in the prior-year period.

R2 SUV Rollout Sparks Optimism Despite Ongoing Losses Rivian began external deliveries of its R2 SUV on June 9 and hosted more than 57,000 demo drives during the quarter, a company record.

The company ended the quarter with approximately $5.3 billion in cash, cash equivalents, and short-term investments. “This quarter we began external deliveries of R2.

I believe R2 will be a game changer for our customers and a driver of Rivian’s long-term growth and profitability,” said RJ Scaringe, Rivian Founder and CEO.

Read Also: Stock Market Today: S&P 500, Dow Jones Futures Rise After Cooler June PCE Inflation Data—Apple, Amazon, Coinbase in Focus Rivian Shares Edge Higher RIVN Price Action: At the time of publication, Rivian shares are trading 3.15% higher at $17.36, according to data Pro.

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