Rivian shares rise on Q2 revenue beat, higher delivery forecast
BUZZ-Rivian shares rise on Q2 revenue beat, higher delivery forecast ** Shares of EV maker Rivian Automotive RIVN.O rise 4.28% at $17.55 in premarket trading after the EV maker beat Q2 revenue estimates and raised its full-year delivery forecast
** On Thursday, RIVN reported Q2 revenue of $1.66 bln, topping estimates of $1.51 bln, per LSEG, on optimism over its lower-priced R2 SUV and software business growth
** RIVN posted narrower-than-expected adjusted loss of 46 cents/share and raised FY delivery forecast to 65,000-70,000 vehicles from 62,000-67,000 previously
** RIVN's autonomous driving software and vehicle electronics technology could be key long-term profit drivers, and expects software and services to contribute about two-thirds of the company's profits over time - Analysts at Morningstar says
** 15 of 28 brokerages rate the stock "buy" or higher, 8 "hold" and 5 "sell" or lower; median PT is $18.47 - data compiled by LSEG
** As of last close, stock down 14.6% YTD
(Reporting by Kanishka Ajmera in Bengaluru)
((mail to: Kanishka.Ajmera@thomsonreuters.com))