Joby Aviation Climbs On Quarterly Results

Shares of all-electric aircraft developer for commercial passenger service Joby Aviation, Inc. (JOBY) are rising more than 17% Friday morning following fourth quarter results.

Joby reported net income of $5.05 million or $0.01 per share in the fourth quarter, compared with net loss of $33.89 million or $0.31 per share in the same quarter a year ago.

The company had other income of $71.7 million as well as a tax benefit of $10.5 million in the fourth quarter.

At the end of 2021, Joby had $1.3 billion in cash and short-term investments.

The company also expects to receive Part 135 Air Carrier Certification, which is required to operate aircraft as an air taxi service, in the second half of 2022 as planned.

Separately, Joby announced that its second pre-production prototype aircraft has resumed flight testing. The aircraft first flew in January, following approval from the Federal Aviation Administration (FAA) and the U.S. Air Force.

JOBY is at $6.26 currently. It has traded in the range of $3.61- $14.33 in the last one year.

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