SpaceX beats revenue expectations in first earnings report after IPO crash
Company posts $7.81bn in revenue, a jump of 92%, after share prices crashed following IPO debut For the first time since SpaceX went public, the world is getting a first-hand look into the trillion-dollar corporation’s financials. The Elon Musk -run business reported its second-quarter earnings on Tuesday, saying that its revenue jumped 92% since June. SpaceX beat Wall Street expectations,…
SpaceX has reported its first quarterly earnings since going public, with revenue nearly doubling to $7.81 billion in the second quarter. This beat Wall Street expectations of $6.93 billion, according to the Guardian Business. The company's revenue jumped 92% compared to the same quarter last year.
Despite the revenue growth, SpaceX is not yet profitable, reporting a loss of $541 million, down from a $1 billion loss in the same quarter last year. According to Fortune, CEO Elon Musk stated that the company's internal target for hitting $1 trillion in annual revenue had moved forward to 2030.
The company's Starlink internet satellite business contributed more than half of its total revenue, with subscribers growing to 12 million, as reported by RTE News. SpaceX's AI business also saw significant growth, with earnings surging by about 250%.
Brief written by urgent.news from Guardian Business, Fortune, RTE News, CBS News, Bloomberg — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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