Joby Aviation, Inc. (JOBY) saw its shares plummet 9.07% in trading on Monday, following the release of the company's mixed fourth-quarter 2024 results.
While Joby's Q4 adjusted loss of $0.19 per share was in line with analyst estimates, its quarterly revenue of $0.1 million fell significantly short of the $0.2 million consensus forecast. Year-over-year, Joby's Q4 revenue plunged a staggering 94.6%.
The electric aircraft maker's disappointing top-line performance appears to have rattled investors, leading to the sharp stock sell-off on Monday. Contributing to the negative sentiment were Joby's rising operating expenses, which climbed 15.9% year-over-year due to higher research and development costs associated with aircraft development and certification.
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