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00:03Rivian automotive shares fell on Thursday as broader market pressure offset a week of
00:07strong company news, according to Benzinga.
00:10Rivian reported third-quarter revenue of $1.56 billion and posted its first consolidated
00:16gross profit.
00:17The pullback comes even after Rivian reported strong third-quarter results, achieved its
00:22first consolidated gross profit, and introduced a new performance package for CEO R.J. Skaringe.
00:29Shares declined after Federal Reserve officials warned about persistent inflation and reduced
00:33expectations for rate cuts.
00:35Higher rates increase Rivian's borrowing costs as it prepares for the launch of its R2 SUV
00:40in 2026 and reduced the present value of its long-term profit outlook.
00:46Shares traded at $16.37, down 6.54% on Thursday.
00:51For all things money, visit Benzinga.com.
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