Shares of Archer Aviation Inc. (ACHR) surged 7.16% in after-hours trading on Monday following the release of the company's first-quarter earnings report and a strategic partnership announcement. The electric vertical takeoff and landing (eVTOL) aircraft manufacturer delivered better-than-expected financial results and revealed a collaboration with Palantir to develop artificial intelligence for next-generation aviation technologies.
Archer reported a quarterly loss of $0.17 per share, significantly beating analyst consensus estimates of a $0.28 loss. This represents a 52.78% improvement compared to the same period last year when the company posted a loss of $0.36 per share. The narrower-than-expected loss demonstrates Archer's progress in managing costs and advancing its eVTOL development program.
Adding to the positive sentiment, Archer announced a new partnership with Palantir to enhance its aviation technologies. This collaboration aims to leverage artificial intelligence as Archer prepares for the launch of its piloted Midnight aircraft in the UAE later this year. The partnership underscores Archer's commitment to innovation and positions the company at the forefront of the emerging urban air mobility sector, likely contributing to investor enthusiasm and the after-hours stock price surge.
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