Serve Robotics Stock Dips After Q2 Earnings Miss

Serve Robotics, Inc. (NASDAQ:SERV) released its second-quarter results after Thursday's closing bell. Here's a look at the details from the report. 

• Check out SERV stock price and chart in real-time here. 

The Details: Serve Robotics reported quarterly losses of 24 cents per share, which missed the Street estimate for losses of 21 cents.

Quarterly revenue of $642,000 beat the consensus estimate of $624,800.

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“Serve is building the world ahead, where autonomous last-mile transportation is ubiquitous and foundational,” said Dr. Ali Kashani, Serve’s CEO.

“This quarter marked a major step forward as we expanded into new markets, scaled operations, and fueled our autonomy flywheel to an unprecedented degree. With every successful delivery, Serve’s growing fleet gets smarter, stronger, and more efficient,” Kashani added.

Outlook: Serve reiterated its guidance for projected annualized revenue run-rate of $60 million to $80 million once its 2,000-robot fleet is fully deployed and reaches target utilization.

The company sees third-quarter revenue between $600,000 to $700,000.

SERV Stock Price: According to data from Benzinga Pro, Serve Robotics stock was down 4.72% at $10.09 in Thursday's extended trading. 

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