Why Is Blade Air Mobility Stock Diving Today?
Portfolio Pulse from Akanksha Bakshi
Blade Air Mobility Inc (NASDAQ:BLDE) reported a 24.5% year-over-year revenue growth for Q4 fiscal 2023, reaching $47.48 million but missing the consensus estimate of $48.4 million. The company's net loss widened to $33.94 million from $15.52 million a year ago. Despite the loss, Flight profit rose 65.7% Y/Y to $9.01 million. The company announced the acquisition of eight Hawker 800 aircraft for $21 million, aiming for revenue of $240-$250 million in 2024 against a consensus of $257.19 million. BLDE shares dropped 28.2% to $2.865.
March 12, 2024 | 4:08 pm
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NEGATIVE IMPACT
Blade Air Mobility reported a 24.5% Y/Y revenue growth but missed consensus estimates, with a widened net loss. Announced aircraft acquisition and provided a lower 2024 revenue outlook.
The negative stock price reaction is likely due to the missed revenue estimates and widened net loss, despite some positive aspects like the flight profit increase. The announced aircraft acquisition and the lower than expected 2024 revenue outlook could also contribute to investor concerns, leading to a short-term negative impact on the stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100