SpaceX is falling after posting first earnings report since IPO. What the biggest Wall Street firms are saying

SpaceX posted a loss of 9 cents per share for the second quarter, beating the expected 26 cents per share loss. The company's revenue growth was better than expected, and its losses narrowed to nearly half the level of a year ago.

Following the release of its first-ever earnings report as a publicly listed company, SpaceX's shares slid more than 5%. According to Fortune, during the conference call, CEO Elon Musk offered a positive outlook, stating that the company's internal target for hitting $1 trillion in annual revenue had moved forward to 2030, and that there was a "non-zero chance" it could hit the mark in 2029.

Musk also expressed confidence in the growth of SpaceX's Starlink business, which provides internet connectivity from satellites. He told analysts that people were underestimating Starlink and that it was not out of the question that it would deliver a majority of the world's internet in countries where it is allowed to operate.

Brief written by urgent.news from CNBC, Handelsblatt, Techmeme, Fortune — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.