Starlink's subscriber growth missed. Its profits didn't.
SpaceX's Starlink beat earnings estimates while missing its subscriber growth. The company is looking to become a challenger in the mobile arena.
Elon Musk's SpaceX is aiming to compete with Verizon, AT&T, and T-Mobile. Starlink's subscriber growth did not meet expectations, but the company remains profitable. The company targeted large customers like governments and recently acquired a spectrum provider. SpaceX reported 13.6 million consumer subscribers at the end of September, a 1.6 million increase from three months prior, falling short of the 14.2 million expected.
Monthly consumer revenue per user rose 5% from the previous quarter, and enterprise and government revenue jumped 91% to $2.1 billion. 800 total aircraft have been outfitted with Starlink equipment, with aviation remaining a major growth opportunity. The company is also focusing on becoming a mobile provider, acquiring wireless spectrum to challenge major carriers.
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