SpaceX exceeds revenue estimates in first earnings report since IPO

SpaceX's revenue exceeded analyst expectations in its first quarterly financial report since going public in June. The company's revenue jumped 92% in the second quarter to $7.8 billion, beating analyst expectations by around $1 billion, according to Le Monde English and Free Malaysia Today.

The company's net loss narrowed to $541 million, down from a loss of $1 billion in the year-ago period, as reported by CBS News. SpaceX's Starlink satellite connectivity service grew to 12 million subscribers, doubling from a year earlier, CBS News and Free Malaysia Today stated.

During a call with analysts, CEO Elon Musk touted Starlink's rapid growth, saying "it's not out of the question that at some point, Starlink will deliver the majority of the world's internet," as reported by CBS News. The company's capital expenditures exceeded $18 billion in the three months ending in June, with over 86% of that spending going to its artificial intelligence division, according to Free Malaysia Today.

Brief written by urgent.news from Bloomberg, Le Monde English, TechCrunch, CBS News, Free Malaysia Today — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.