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SpaceX tops revenue estimates in first post-IPO earnings report
SpaceX posted $7.81 billion in Q2 revenue, versus $6.93 billion expected, but reported a $541 million loss.
SpaceX reported second-quarter results on Tuesday that beat Wall Street revenue expectations in its first earnings report since its June IPO. The company said revenue rose 92% since June to $7.81 billion, ahead of analysts’ forecast of $6.93 billion.
Despite the stronger top line, SpaceX remains unprofitable, reporting a loss of $541 million, down from a $1 billion loss in the same quarter last year. During an investor call, Elon Musk described the period as “another milestone year” for the company, and the company said the engineering work continues to be central to its progress.
The report comes after the IPO reset market expectations for the company, which was briefly valued at $2 trillion and saw its shares fall sharply afterward. Even after the results, SpaceX shares reportedly declined more than 8% in after-hours trading Tuesday, with the article pointing to the company’s large capital expenditures as a likely factor.
The piece also notes that SpaceX recorded last year revenue of $18.7 billion alongside an operating loss of $4.3 billion, and that Starlink is the only profitable portion cited in the reporting. It quotes Kathleen Brooks of XTB on how the earnings update arrives after the stock dropped steeply since the offering.