Rivian Announces Second Quarter Loss of $1.7 Billion | Local company

This is a developing story that will be updated.

Rivian Automotive, Inc. reported a second-quarter loss of $1.71 billion on Thursday.

The Irvine, Calif.-based company, which has more than 5,000 employees at its manufacturing plant in Normal, said it incurred a loss of $1.89 per share.

The results fell short of Wall Street expectations. The average estimate from six analysts polled by Zacks Investment Research was for a loss of $1.67 per share.

Rivian reported revenue of $364 million during the period, which beat Street’s forecast. Five analysts polled by Zacks expected $337.7 million.






Scaring


The news comes after Rivian announced last month that it was cutting its workforce by around 14,000 people by 6%, as part of a reorganization designed to focus on its top priorities. The layoffs included about 50 non-manufacturing employees at Normal, the company had previously announced.

CEO RJ Scaringe informed employees of the staff cuts in a company-wide letter on July 27. He had acknowledged earlier in the month that the cuts were coming, saying the tough decisions would be made to align the company with its strategic goals and not simply to cut expenses.

“We will always be focused on growth,” Scaringe said July 11, “however, Rivian is not immune to the current economic circumstances and we need to ensure we can grow sustainably.”

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