SpaceX Crypto Holdings Drop $539 Million as Debut Earnings Beat Wall Street
SpaceX beat Wall Street estimates in its first quarterly report as a public company. Revenue reached $7.8 billion against forecasts near $6.81 billion, while digital asset holdings fell to $1.098 billion.
The beat did not hold investor confidence. Shares closed 9.43% higher at $125.33, then dropped more than 8% in after-hours trading as the earnings call approached.
Starlink Carries the Quarter While AI Losses Narrow
Connectivity revenue reached $4.291 billion, up 66% from a year earlier. Operating income for the unit climbed 79% to $1.656 billion.
Starlink subscribers doubled over 12 months to 12 million. Average revenue per user held at $66 a month, unchanged from the first quarter.
The artificial intelligence segment brought in $2.561 billion, a 247% annual increase. New cloud services agreements worth $14.1 billion in contracted sales drove much of that gain.
Its operating loss narrowed to $1.257 billion, roughly half the $2.39 billion analysts had penciled in. Loss per share landed at $0.09, against expectations near a $0.24 loss.
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