Blade Air Mobility Shares Fall On Underwhelming 4Q Earnings, Outlook

Dow Jones03-12

By Katherine Hamilton

Blade Air Mobility's shares were down Tuesday morning after the company missed analysts' expectations on revenue in the fourth quarter and guided for weaker-than-expected sales for the full year.

Shares of the New York-based aviation firm fell 28% to $2.85 in morning trading. The stock is down 19% this quarter.

Revenue increased to $47.5 million in the quarter ended Dec. 31 from $38.14 million in the year-ago quarter. Analysts polled by FactSet expected $48.5 million.

Blade widened its loss to $33.9 million from a loss of $15.4 million in the year-ago quarter.

The company's bottom line was weighed down by its passenger segment, where fourth-quarter losses grew to $25.3 million from $5.8 million in the year-ago quarter. Its medical segment lost $2.4 million by comparison.

The company guided for full-year 2024 revenue of between $240 million and $250 million, below analyst expectations of $257.2 million.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

March 12, 2024 10:51 ET (14:51 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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