Elon Musk’s SpaceX posted second quarter revenue above Wall Street expectations in its first earnings report as a public company, but shares dropped 10 percent in morning trading as investors reacted to ballooning AI investments.
CNBC reports that Elon Musk’s space transportation and satellite internet company reported revenue of $7.81 billion for the three months ending June 30, surpassing analyst expectations of $6.93 billion. Revenue jumped 92 percent from $4.1 billion in the same quarter last year. The company posted a loss per share of nine cents per share, smaller than the anticipated loss of 26 cents. Shares have dropped more than 10 percent on Wednesday, with investors feeling spooked...
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