Stock Track | Serve Robotics Soars 28% on Strong Q2 Results and Shake Shack Partnership

Stock Track08-14

Shares of Serve Robotics Inc. (NASDAQ: SERV) surged 28% in intraday trading on Wednesday, August 14, 2024, driven by the company's better-than-expected second-quarter financial results and a significant partnership announcement.

Serve Robotics reported revenue of $468,375 for the second quarter, exceeding analyst estimates of $400,000. The company also saw a 106% year-over-year increase in daily supply hours and an 85% rise in daily active robots, indicating strong growth in its operations.

In a major development, Serve Robotics announced a partnership with Shake Shack Inc. (NYSE: SHAK) to deliver orders using its autonomous sidewalk delivery robots via the Uber Eats platform in Los Angeles. This collaboration highlights Serve's strategic relationships and progress towards its goal of deploying 2,000 robots across the U.S. by the end of 2025.

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