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SpaceX turns a profit after a string of losses as its satellite and computer leasing businesses soar
SpaceX reported a higher quarterly profit than expected; shares climbed following the surge in satellite service revenue
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LA NACION
NEW YORK (AP) — SpaceX reported a bigger quarterly profit than expected Tuesday as its satellite communications operations and its business of leasing computing power to other companies boomed.
The company, run by Elon Musk, posted net income in the three months through September of $4.4 billion, or 35 cents per share. That's more than double what Wall Street expected, and reverses a loss from the year-earlier period. Revenue soared to $14.6 billion, up 161%.
The results for the newly public company were a sharp break from the pattern of losses going back more than a year.
The newly public company's results marked a sharp break from more than a year of losses.
The stock rose 2.2% in after-hours trading.
Shares had been under pressure over concerns that SpaceX was spending too much on major projects to compete with rivals such as OpenAI and Anthropic. The company said capital expenditures totaled $19.6 billion last quarter, nearly triple the figure from a year earlier.
LA NACION
