Joby Aviation, Inc. (NYSE: JOBY) stock plunged over 5% in pre-market trading on Friday, following the company's full-year 2024 earnings report that showed a wider net loss and missed analyst expectations.
The electric vertical takeoff and landing (eVTOL) company reported a net loss of $608 million for the full year 2024, a 19% increase from the previous year. The loss per share also deteriorated to $0.87, compared to $0.79 in 2023. Revenue and earnings per share both missed analyst estimates by 34% and 22%, respectively.
Joby Aviation's largest operating expense was Research & Development costs, amounting to $477.2 million or 78% of total expenses. The company aims to grow its revenue by 60% per annum on average during the next three years, outpacing the 7.6% growth forecast for the Airlines industry in the US.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.