Elon Musk's SpaceX reports 161% increase in revenue as he hints at a possible merger with Tesla
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SpaceX reported a bigger quarterly profit than expected Tuesday as its satellite communications and artificial intelligence businesses boomed. The company, run by Elon Musk, posted a profit for the three months through September of $4.4 billion, or 35 cents per share, reversing a year-ago loss and easily topping Wall Street's expectations. Revenue soared to $14.6 billion, up 161%. On a conference call with analysts, Musk suggested a merger with his electric car company Tesla might be in the works, something that has been rumored for months. He said both companies formed “special committees” of independent directors to discuss the issue, though he played down the chances of an imminent deal. “Some people out there assume that a SpaceX and Tesla merger is a certainty,” he said. “I think that would be overstating it.”The AI business became SpaceX's largest by revenue in the third quarter, although the Starlink satellite service remains the biggest profit generator. “They beat across all metrics and the Starlink business looks to be accelerating,” said Dan Ives, an analyst at Yorkville Ives. “This is just what (Wall) Street wanted.”The stock rose 7.5% in after-hours trading.
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