Key Highlights

● Third-quarter Revenue of $2.155 billion beat the $2.02 billion analyst forecast.

● The adjusted loss narrowed to $0.48 a share versus a $0.61 consensus.

● Rivian now expects 67,000 to 70,000 deliveries and lifted EBITDA guidance by $100 million.

● Shares hit a new 12-month low during the regular session before reversing after hours.

Rivian (NASDAQ:RIVN)'s third-quarter revenue and loss both came in better than Wall Street expected, and the electric-vehicle maker raised the low end of its delivery forecast, lifting its shares in extended trading on Thursday.

A better quarter than feared

Rivian spent part of Thursday, October 29, at a new 12-month low, according to market data. By the evening, its stock was climbing.

The turnaround came after the closing bell, when the electric-vehicle maker reported third-quarter revenue of $2.155 billion, ahead of the $2.02 billion analysts had expected and up strongly from a year earlier, according to Earnings coverage. Its adjusted loss narrowed to $0.48 a share, better than the $0.61 consensus.

The stock rose in after-hours trading, according to one source. Reports differed on the size of the gain, with another source showing a slightly bigger rise, but both pointed higher. Because the results came after the regular session, the move occurred in extended trading, where volumes are thinner.

Guidance moves up

Rivian also raised the low end of its delivery forecast, now expecting 67,000 to 70,000 vehicles for the year, according to the same coverage. It lifted its adjusted EBITDA guidance by $100 million at the midpoint.

The company pointed to strong sales of its R2, a smaller and less expensive model designed to bring Rivian to a much wider set of buyers than its higher-priced R1 truck and SUV. For any carmaker, higher Volume helps spread the fixed costs of factories and engineering across more vehicles, which is why investors track the R2 so closely.

Reversing a tough day

The after-hours gain marked a Reversal from the regular session. One report said Rivian hit a new 12-month low earlier Thursday, a sign of how much pessimism had built up ahead of the report.

When expectations are low, even a moderate beat can spark a rally. A narrower-than-expected loss and higher guidance gave investors evidence that the company is moving in the right direction.

A heavy evening for tech

Rivian's gain was a bright spot during a difficult after-hours session. Amazon (NASDAQ:AMZN) slid after its fourth-quarter sales guidance landed below consensus, and Intel (NASDAQ:INTC) plunged after a weak fourth-quarter forecast. Reddit (NYSE:RDDT), Roblox (NYSE:RBLX) and Twilio (NYSE:TWLO) each fell sharply in extended trading.

Those declines pressured futures after the bell. Nasdaq-100 futures fell, according to market data, after a regular session in which the Nasdaq Composite tumbled 365.13 points to 26,184.72. Alphabet (NASDAQ:GOOGL)'s worst day since its 2004 IPO, sparked by a revenue miss and soaring AI spending, led the selloff.

The S&P 500 slipped 23.59 points to 7,720.39, while the Russell 2000 climbed 28.71 points to 2,859.22 as investors rotated into smaller companies.

Rates and the EV buyer

For carmakers, interest rates matter because most buyers finance their vehicles. Thursday's data kept a Federal Reserve hike in December in view, after third-quarter GDP grew faster than expected and September PCE Inflation ran hot. Treasury yields eased from multi-decade highs on the day, though borrowing costs remain elevated.

Gasoline prices also climbed sharply in September, according to the PCE data, as oil stayed above $100 a barrel. Higher pump prices can make electric vehicles more appealing to some shoppers.

What to watch

The first test is whether Rivian holds its after-hours gain at Friday's open, when fuller trading volume arrives. Beyond that, investors will track R2 production and deliveries, which will determine whether Rivian hits its 67,000 to 70,000 target.

Progress on the narrower loss and higher EBITDA guidance will be closely watched in the fourth quarter. Financing costs tied to the Fed's December 8–9 meeting will also shape Demand for vehicles bought on credit.