News

Elon Musk-owned SpaceX has reported a small profit in the first quarter of 2023 after two consecutive years of losses, according to the Wall Street Journal. The company generated million in profit on .5 billion in revenue during the January-to-March period. This positive financial result marks a significant turnaround for SpaceX.

In 2022, the company’s revenue doubled to .6 billion, helping to reduce its loss from the previous year. The WSJ report states that the company’s loss in 2021 was 8 million, which decreased to 9 million in 2022. However, total expenses also increased, with .2 billion reported for 2022 compared to .3 billion in the previous year.

SpaceX’s valuation has also been on the rise. The company was valued at approximately 0 billion during a recent employee stock sale, putting it on par with the valuations of Intel and Walt Disney. This further underscores the company’s success and potential in the aerospace industry.

While these first-quarter results are preliminary, the annual results are final, according to the cited documents. The specifics of SpaceX’s profitability and revenue sources were not elaborated upon in the report.

Overall, this recent financial success is a significant milestone for SpaceX. The company’s sustained revenue growth and reduced losses highlight its continued success in the highly competitive space industry.

The post SpaceX Reports Profit in Q1 2023, Reversing Previous Losses appeared first on ISP Today.