SpaceX delivered its first quarterly earnings report, and the results were strong across the board.
The company reported overall second-quarter revenue of $7.8 billion and a net loss of $541 million, beating the expected revenue by $1 billion.
The bulk of the company’s revenue continues to come from its satellite division. Starlink has doubled its subscriber count over the past year to 12 million, delivering $4.3 billion in revenue for the company. In terms of the other business units, the company’s rocket division reported $962 million in revenue and the AI division reported $2.6 billion in revenue.
With a strong earnings report that beat Wall Street expectations, the company’s stock responded well. The stock closed up 9.43%, just north of $125. This is still $10 below the company’s IPO price, but it is a good sign for institutional and retail investors alike.
In the financial earnings call, there were some interesting tidbits for those looking at what the future might hold for the space company. Including the potential for SpaceX to deliver 1 million tons to orbit per year and that Starlink could deliver the majority of the world’s internet at some point. However, Musk did not discuss the company’s more grandiose plans, including the solar-powered data centres in space and missions to Mars.
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