SpaceX achieved profitability in first quarter: report


SpaceX, the privately owned rocket company founded by X Corp. owner and Tesla Inc. TSLA, -2.83% chief executive Elon Musk, managed to generate a slim profit in the first quarter, according to the Wall Street Journal. The Journal reported that SpaceX earned $55 million in profit on $1.5 billion in revenue in the first quarter, following two years of narrowing losses, according to documents reportedly reviewed by the Journal. Before that, SpaceX reported about $5.2 billion in costs for 2022, up from 2021’s $3.3 billion, as revenue doubled to $4.6 billion, resulting in a 2022 loss of $559 million, compared with 2021’s loss of $968 million, according to the Journal report.

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