Rivian Sticks With Year-End Guidance as Quarterly Loss Widens

$Rivian Automotive(RIVN.US)$ which reported quarterly results after the market close Wednesday, said revenue for the first quarter was $95 million, below Wall Street expectations.
The company's net loss nearly quadrupled to $1.6 billion for the January-to-March period, compared with $414 million in the prior-year quarter, as the company continued to spend heavily on R&D and increased manufacturing of its first vehicles. Rivian said higher logistics costs also weighed on results, due in part to higher spending on expedited shipping as a workaround to supply-chain disruptions.
The company manufactured 2,553 vehicles and delivered 1,227 of them to customers during the three-month period.
The quarterly report follows a multiweek slide in Rivian's stock price, which hit an all-time low this week and is trading at nearly a quarter of its initial offering price of $78 a share.