SpaceX’s revenue jumps in second-ever earnings report amid Starlink turmoil

Elon Musk’s company reports a 161% growth in revenue year over year driven by its Starlink and AI segments

SpaceX released its second-ever public earnings report on Tuesday, revealing a far better quarter than Wall Street projected. Elon Musk’s company, which encompasses rockets, artificial intelligence and satellite communications, reported a 161% growth in revenue year over year, driven by its Starlink and AI segments.

The company declared $14.58bn in revenue against analysts’ projected $12.72bn. SpaceX reported earnings per share of 35 cents and a net income of $4.4bn. The company’s stock, which started the day down around 8% for the year, shot up 2% in after hours trading immediately after the results.