While air mobility specialist Archer Aviation (ACHR) had been on a wild ride this year, the wheels started to fall off last month. More recently, its highly anticipated second-quarter earnings report left investors wanting. The manufacturer of electric vertical takeoff and landing (eVTOL) posted a wider-than-expected net loss of $206 million. As such, ACHR stock dropped more than 4% in the afterhours session following the disclosure.
As it relates to the equity, Archer incurred a loss per share of 36 cents. Unfortunately, Wall Street analysts had anticipated a loss of 25 cents per share. With the company being a pre-revenue enterprise, market participants may have grown antsy, especially amid broader economic challenges and political uncertainty.
