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Serve Robotics Stock Is Surging Wednesday: What's Going On?
Serve Robotics Inc (NASDAQ:SERV) shares are trading higher Wednesday after the company reported second-quarter financial results and announced a partnership with Shake Shack Inc (NYSE:SHAK) for delivery.
What Happened: After the market close on Tuesday, Serve Robotics reported second-quarter revenue of $468,375, versus estimates of $400,000. The company reported a quarterly loss of 27 cents, versus estimates for a loss of 25 cents.
Serve averaged 385 daily supply hours during the second quarter, representing a 106% increase year-over-year. The company noted that it also achieved an 85% increase in daily active robots on a year-over-year basis.
Serve said it commenced manufacturing activities on its 2,000-robot fleet in the second quarter, entered into a purchase and production agreement with Magna and signed an amendment expanding its supply agreement with