Stock Track | Joby Aviation Plunges Over 5% in Pre-Market on Wider 2024 Net Loss and Missed Expectations

Stock Track02-28

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.

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