Rivian reported mixed quarterly results for the first quarter, but will see further cost savings from shifting its upcoming R2 production to its Normal, Ill., plant and trimming its capital expenditure forecast.
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The projections followed better-than-expected results for the first three months of 2024, showing that Reddit's push to grow its advertising business and content licensing deals with AI-focused companies such as Google were paying off. "We suspected that Reddit would come out strong out of the gates, and Reddit exceeded our bullish expectations," Bernstein analyst Mark Shmulik said in a client note. "Reddit appears to be reaping the benefits of a strong digital ad market, buoyed by some 'free' IPO marketing, alongside increased traffic courtesy of their new favorite AI partner Google."
