Musk's SpaceX results lift global stock markets
Global stock markets saw a boost on Wednesday (Oct 21) due to SpaceX's first quarterly profit as a publicly traded company, announced by Elon Musk's SpaceX. The tech stocks particularly benefitted from the news. SpaceX's net profit for July-September was US$4.4 billion, which was more than double what analysts had anticipated. The company's revenue soared 161 per cent to US$14.6 billion.
The earnings release came ahead of results from other tech giants, including Meta, scheduled for later in the week. Market analysts expressed optimism, suggesting a potential rally towards year end if the earnings season proceeds positively. All major US indices finished on a positive note, with the Nasdaq ending up 1.1 per cent.
Meanwhile, Meta's AI model received positive investor response, but its spending might need to increase to keep up with competitors. Meanwhile, markets across Japan, South Korea, and the UK also experienced growth.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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