Why Rivian Stock Plunged Today

Shares of Rivian Automotive (RIVN -25.96%) are down 25.7% as of 1:30 p.m. ET Thursday after the electric vehicle company announced mixed quarterly results, disappointing forward guidance, and a layoff of 10% of its workforce amid dwindling cash reserves.On Rivian's progress despite macro headwindsFor its fourth quarter of 2023, Rivian's revenue grew 167% year over year to $1.315 billion, translating to a non-GAAP (adjusted) net loss of $1.308 billion, or $1.36 per share. Analysts, on average, were modeling ...