Why Archer Aviation's Stock Is Gaining Altitude Today
Forget the fact that Archer Aviation (NYSE: ACHR) came up $0.02 short of analysts' expectations that it would report a loss per share of $0.28. Investors seem much more focused on other areas of the electric plane maker's second-quarter 2022 earnings, which were reported Wednesday after the market closed.
As of 10:45 a.m. ET Thursday, shares of Archer Aviation have soared 12.7% higher.
Still in the pre-revenue phase of its development, Archer Aviation didn't have anything on the top line to lift investors' spirits. Instead, the market is celebrating the company's progress in bringing its urban air mobility solution to market. For example, the company reported that United Airlines has provided a $10 million deposit for 100 of Archer's electric vertical takeoff and landing (eVTOL) aircraft.
Source Fool.com
