ReportWire

Tag: Joby Aviation Inc

  • Stocks making the biggest moves midday: Sonoma Pharmaceuticals, Braze, Adobe and more

    Stocks making the biggest moves midday: Sonoma Pharmaceuticals, Braze, Adobe and more

    [ad_1]

    GMC pickup trucks are displayed for sale on a lot at a General Motors dealership in Austin, Texas, Jan. 5, 2023.

    Brandon Bell | Getty Images

    Check out the companies making headlines in midday trading.

    Braze — Shares of the consumer engagement platform rallied 16%. On Thursday, Braze posted a non-GAAP loss of 13 cents on revenue of $101.8 million. Analysts called for a loss of 18 cents per share and revenue of $98.8 million, according to FactSet. Goldman Sachs reiterated its buy rating on the stock following the report, noting artificial intelligence should help the company gain market share.

    Joby Aviation, Archer Aviation — On Friday, Canaccord Genuity initiated coverage of Joby Aviation and Archer Aviation with a buy rating, saying the urban air mobility firms are positioned for the long term. Joby shares jumped about 11%, while Archer shares rose 6.2%.

    Sonoma Pharmaceuticals — Shares surged 44%. Sonoma Pharmaceuticals on Thursday announced an intraoperative pulse lavage irrigation treatment that could replace IV bags for some surgical procedures.

    Tesla, General Motors — Tesla rallied 4% and General Motors added 1%. On Thursday, the companies announced a partnership that gives GM access to Tesla’s North America charging stations. GM CEO Mary Barra said it will save the company up to $400 million of its previously announced $750 million investment to build out electric vehicle charging.

    DocuSign — DocuSign shares slid 2.5%. In an earnings call Thursday, CEO Allan C. Thygesen said, “We are seeing more moderate pipeline and cautious customer behavior coupled with smaller deal sizes and lower volumes.” Initially, shares rose in extended trading Thursday after DocuSign beat fiscal first-quarter expectations on the top and bottom lines, posting adjusted earnings of 72 cents a share on $661 million in revenue. Analysts polled by Refinitiv called for earnings of 56 cents a share and $642 million of revenue.

    Adobe — Shares popped 3.4% after Wells Fargo upgraded the software stock to an overweight rating, saying AI should drive continued upside for the stock.

    Target — Target declined about 3.3% after Citi downgraded the retail stock to neutral from buy, saying sales may have peaked at the big-box merchandiser.

    — CNBC’s Michelle Fox, Alex Harring and Samantha Subin contributed reporting.

    [ad_2]

    Source link

  • A South Korean telecoms giant wants to launch flying taxis in 2025 and expects it to be big business

    A South Korean telecoms giant wants to launch flying taxis in 2025 and expects it to be big business

    [ad_1]

    BARCELONA, Spain — South Korean telecommunications giant SK Telecom is planning to launch a flying taxi service in 2025 and expects it to generate “significant” revenue going forward, a senior executive told CNBC.

    Last year, SK Telecom and U.S. firm Joby Aviation inked a tie-up to develop air taxis for the South Korean market. Joby Aviation is a maker of so-called electric vertical take-off and landing vehicles. These electric flying vehicles are a seen by advocates as a way to transport people around dense cities and avoid traffic.

    The South Korean government is pushing forward with trying to commercialize air taxis by 2025.

    SK Telecom and Joby Aviation are looking to take advantage of the government backing. Ha Min-yong, chief development officer of SK Telecom, told CNBC in an interview Sunday that the company’s air taxi service will be made available commercially “sometime in the middle of 2025,” before expanding to other areas like logistics.

    “So by 2025, if we are able to prove that the service quality is acceptable to the general public with the safety and also security, then they [the government] will allow the operator to expand the area of the service, including logistics and tourism as well as medical-related services,” Ha told CNBC at the Mobile World Congress event in Barcelona, Spain.

    SK Telecom is looking to expand its business beyond being a traditional mobile carrier and has its sights set on new areas such as artificial intelligence and flying taxis. These aircraft will require connecting to next-generation 5G networks to operate and fly, eventually autonomously. That’s where SK Telecom’s area of expertise comes in.

    SK Telecom has partnered with U.S. firm Joby Aviation to bring flying taxis to South Korea in 2025. SK Telecom is looking to diversify its business model to new areas including urban air mobility and artificial intelligence.

    Arjun Kharpal | CNBC

    While this form of transport is at an early stage, consultancy Roland Berger forecasts that there will be nearly 160,000 unpiloted electrical drones in use worldwide by 2050. They will generate an annual revenue of nearly $90 billion, the company says.

    SK Telecom wants a slice of the pie and Ha said that if all goes well, air taxis could be a big revenue driver for the company, “but not immediately.”

    “So for the next at least five [to] seven years, we need to make sure that the service that we are going to offer to, you know, society and community is safe enough,” Ha said.

    “Once it’s accepted very well by the community and society, then we believe that it will generate a significant amount of revenue.”

    [ad_2]

    Source link