IRVINE, Calif. (AP) 鈥� IRVINE, Calif. (AP) 鈥� Rivian Automotive, Inc. (RIVN) on Thursday reported a loss of $416 million in its first quarter.
The Irvine, California-based company said it had a loss of 33 cents per share. Losses, adjusted for non-recurring gains, were 55 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 60 cents per share.
The a manufacturer of motor vehicles and passenger cars posted revenue of $1.38 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $1.37 billion.
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