How did RKLB's Q4 earnings surprise investors?

Rocket Lab USA, Inc. (RKLB) Q4 earnings report disappointed investors due to the following reasons:

1. **Missed Earnings Estimate**: The company reported an EPS of -$0.1 for Q4 2024, which matched the estimate of -$0.1. However, this result could have been perceived as a negative surprise due to the company's weak financial performance overall.
2. **Revenue Growth**: Despite a 121% year-over-year revenue increase, amounting to $132.4 million, the company's stock dropped by 13.82% in aftermarket trading following the earnings announcement. This suggests that the market may have had concerns about the sustainability or profitability of the revenue growth.
3. **Disappointing Guidance**: For the first quarter of 2025, Rocket Lab anticipated revenue between $117 million and $123 million, which fell short of analysts' expectations of $136.4 million. This guidance likely contributed to the negative sentiment surrounding the company's stock.
4. **Net Loss Widening**: Although the company reported a record annual revenue of $436.2 million for 2024, marking a 78% increase from the previous year, the net loss for the full year 2024 widened to $190.2 million compared to $182.6 million in 2023. This could indicate underlying financial challenges that investors are concerned about.

In conclusion, while RKLB's Q4 earnings report highlighted significant revenue growth and advancements in their business, the company's overall financial performance, including the missed earnings estimate, disappointing guidance, and widening net loss, likely contributed to investor disappointment.