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

Elon Musk-owned SpaceX’s surging income helped it flip a small revenue within the first quarter of 2023 after two annual losses, the Wall Street Journal reported on Thursday, citing paperwork.

The firm generated $55 million in revenue on $1.5 billion in income throughout the January-to-March interval, in accordance with the report.

SpaceX didn’t instantly reply to a Reuters request for remark.

The area firm, which was based greater than twenty years in the past, was valued at roughly $150 billion at a current worker inventory sale, placing its valuation on par with that of Intel or Walt Disney, the Journal reported.

In 2022, income doubled to $4.6 billion, serving to the corporate scale back its loss final 12 months to $559 million from $968 million, the WSJ reported.

The firm reported about $5.2 billion in whole bills for 2022, up from $3.3 billion the 12 months earlier, in accordance with the report.

SpaceX’s first-quarter outcomes are preliminary, whereas annual outcomes are remaining, the WSJ reported, citing the paperwork.

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