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SpaceX Earnings: Musk Rocket Company's Revenue Rises 92% in Q2
WSJ • • general
Key Points:
- SpaceX released its first-ever quarterly financial report, revealing $7.8 billion in revenue for Q2, a 92% increase year-over-year, surpassing analyst expectations of $6.8 billion.
- Despite strong revenue, SpaceX reported a net loss of $541 million and capital expenditures of $18.4 billion for the quarter.
- Shares of SpaceX fell about 4% in after-hours trading following the earnings release.
- Broader stock markets rallied, with the Dow industrials rising 907 points to a record close, the S&P 500 hitting its highest level since June, and the Nasdaq surging 2.6%, supported by strong earnings from Palantir and Caterpillar.
- Crude oil prices dropped sharply, with Brent futures falling 5.3% to $79.36 a barrel, amid renewed optimism about a potential deal to reopen the Strait of Hormuz as indicated by Treasury Secretary Scott Bessent.
