markets

Max Knoblauch8/6/25

Joby dips on a steeper quarterly loss than Wall Street expected

It’s not easy running a business in a new market with an unproven product and essentially zero sales, as the latest earnings report by Joby Aviation seems to reveal.

The air taxi company reported second-quarter financials on Wednesday, posting a loss of $0.41 per share, significantly worse than the $0.19 loss expected by analysts polled by FactSet. Shares were down about 3% in after-hours trading.

Joby, which on Monday announced plans to acquire the helicopter ride-share business of Blade Air for $125 million, said it had made progress in receiving FAA certification for its electric aircraft. Joby said it’s now 70% complete with the fourth stage of its five-stage certification process, up from 62% in the first quarter.

Joby ended its second quarter with $991 million in cash (and equivalents), up 20% from the same period last year. A mid-quarter $250 million investment from Toyota boosted the figure. In its shareholder letter, Joby estimated that it will spend between $500 million and $540 million in cash this year (excluding its Blade purchase).

Joby’s rival Archer Aviation, which is expected to report its second-quarter earnings next week, ended the first quarter with $1.03 billion in cash.

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J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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