SpaceX turns a profit after a string of losses as its satellite and computer leasing businesses soar
New York (AP) — SpaceX revealed a larger-than-anticipated quarterly profit on Tuesday, thanks to the growth in its satellite communications and computer leasing businesses. The company, founded by Elon Musk, reported net income of $4.4 billion, or 35 cents per share, for the three months ending in September, which is more than double the expectations of Wall Street analysts.
Revenue for the period jumped 161% to $14.6 billion. This marks a stark contrast to the company's string of losses over the past year. The profit was driven by a surge in capital expenditures, totaling $19.6 billion for the quarter, nearly triple the amount from the previous year.
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