September 29, 2023

Bobbys Brane

Bobbys Brane – Business & Tech Blog

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

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© Reuters. FILE PHOTO: A SpaceX Falcon 9 rocket lifts off with a payload of 21 Starlink satellites from the Cape Canaveral Space Force Station in Cape Canaveral, Florida, U.S., February 27, 2023. REUTERS/Joe Skipper/File Photo

(Reuters) – 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 reported on Thursday, citing documents.

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

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

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