Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower by 3.75% to $23.90 Thursday morning. The stock is falling in symapthy with peer EV maker Tesla Inc after the company reported second-quarter earnings results.
What Happened?
Tesla’s second-quarter revenue rose 47% YoY to $24.93 billion, surpassing the consensus estimate of $24.48 billion. Quarterly earnings stood at 91 cents per share, exceeding the expected 82 cents per share.
Operating margins for second-quarter were 9.6%, and gross margins were 18.2%, down from 25% YoY. The market closely monitored the margin results due to recent price cuts…Read More
According to data from Benzinga Pro, RIVN has a 52-week high of $40.86 and a 52-week low of $11.68.
