Elon Musk’s SpaceX turns profit in first quarter as revenue soars: WSJ

ELON Musk-owned SpaceX’s surging revenue helped it turn a small profit in the first quarter of 2023 after two annual losses, The Wall Street Journal (WSJ) reported on Thursday (Aug 17), citing documents.

The company generated US$55 million in profit on US$1.5 billion in revenue during the January-to-March period, according to the report.

SpaceX did not immediately respond to a Reuters request for comment.

The space company, which was founded more than two decades ago, was valued at roughly US$150 billion at a recent employee stock sale, putting its valuation on par with that of Intel or Walt Disney, the WSJ reported.

In 2022, revenue doubled to US$4.6 billion, helping the company reduce its loss last year to US$559 million from US$968 million, the WSJ reported.

The company reported about US$5.2 billion in total expenses for 2022, up from US$3.3 billion the year earlier, according to the report.

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SpaceX’s first-quarter results are preliminary, while annual results are final, the WSJ reported, citing the documents. REUTERS