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...