Joby Aviation (NYSE:JOBY) stock is flying higher on Thursday following the release of its earnings report for the third quarter of 2023.
Joby Aviation’s earnings report starts with flat diluted earnings per share. That’s a win for JOBY stock next to Wall Street’s -18 cents per share estimate. It’s also better than the -14 cents per share that was reported in the same period of the year prior.
Joby Aviation also provided an update on its aircraft manufacturing facility plans in a letter to shareholders:
“Following an extensive competitive process, we announced plans to locate our first scaled aircraft production facility in Dayton, Ohio, the birthplace of aviation and home to Wright-Patterson Air Force Base. With up to $325 million in state and local incentives to support the development, we plan to build a facility capable of delivering up to 500 aircraft per year.”
JOBY Stock Movement on Thursday
Following the positive earnings report, Joby Aviation shares are seeing heavy trading today. As of this writing, more than 7 million shares of the stock have changed hands. That’s already above the company’s daily average trading volume of about 5.2 million shares.
JOBY stock is up 20.4% as of Thursday morning. The stock is also up 88.9% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
