SpaceX posts first profit as public company, beating forecasts
Summarised from 2 outlets · Updated 21 Oct, 00:02 · Archive
SpaceX has reported net income of $4.4 billion in the third quarter, more than double Wall Street expectations.
SpaceX posted net income of $4.4 billion in the three months through September, or 35 cents per share, reversing a loss from the same period a year earlier. Revenue soared to $14.6 billion, up 161 per cent, driven by its Starlink satellite communications operations and its business of leasing computing power to other companies. Wall Street analyst Dan Ives said the results meant 'they beat across all metrics and the Starlink business looks to be accelerating'. The stock rose 4.6 per cent in after-hours trading.
Elon Musk, SpaceX's chief, announced plans for the next Starship rocket launch scheduled for next month. The company will attempt to grab both the booster and ship with mechanical arms upon return to base, a key step toward demonstrating it can reuse the massive spacecraft. Musk called the attempt, if successful, 'a massive technology milestone', adding that 'the only way that we can extend consciousness beyond Earth on a sustained basis is with a fully reusable orbital launch vehicle'.
SpaceX hopes to get Starship on a regular launch pattern in preparation for NASA's upcoming lunar missions. The company already holds huge contracts with the federal government. House Democrats have called for investigations into those contracts and Musk's work with the Department of Government Efficiency.
How it is being reported
- SpaceX turns huge profit after a string of lossesElon Musk's SpaceX has posted its first profit as a public company, reporting more than double the profit that Wall Street expected for the third quarter.Perth Now · 20 Oct, 23:37
- SpaceX turns huge profit after a string of lossesElon Musk's SpaceX has posted its first profit as a public company, reporting more than double the profit that Wall Street expected for the third quarter.The West Australian · 20 Oct, 23:37
In this story: SpaceX · Elon Musk · NASA · Starlink · House Democrats
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