Rivian adjusts earnings forecast following third-quarter miss of Wall Street expectations.

• Rivian Automotive failed to meet Wall Street's third-quarter revenue expectations by $116 million.
• In the third quarter of 2023, the automaker's net loss was $1.37 billion, but by the end of the year, it had narrowed to $1.1 billion.
• Rivian executives will host an earnings conference call at 5 p.m. ET.

After missing Wall Street's third-quarter revenue expectations, the company lowered its earnings forecast for the year.

In contrast to the average estimates compiled by LSEG, here's how the company performed in the quarter.

• Loss per share: 99 cents adjusted vs. a loss of 92 cents expected
• Revenue: $874 million vs. $990 million expected

Rivian now anticipates an adjusted earnings before interest, taxes, depreciation, and amortization loss ranging from $2.83 billion to $2.88 billion, which is higher than its previous guidance of approximately $2.7 billion loss.

Rivian has announced plans to achieve a "modest positive gross profit" in the fourth quarter of this year, despite reporting a negative gross profit of $392 million in the third quarter, compared to a loss of $477 million in the previous year.

The automaker's net loss decreased year-over-year to $1.1 billion from $1.37 billion in the third quarter of 2023. Despite a 34.6% drop in revenue compared to the previous year due to supplier disruptions that affected production.

Due to disruption, Rivian lowered its annual production forecast from 57,000 units to between 47,000 and 49,000 last month.

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