SpaceX Smashes Q3 Forecasts with $4.4 Billion Profit

The space company's quarterly revenue surged 161% on Starlink subscriber growth, sending shares up over 9% after hours.

SpaceX swung back into profitability, reporting a third-quarter profit of $4.4 billion alongside revenue of $14.58 billion and widely beating analyst expectations, ynet and Czech news outlet Seznam Zprávy reported. Prior market forecasts had projected a profit of $1.57 billion on revenue of just $12.72 billion.

According to ynet, this marks the company's second earnings report since its initial public offering on the Nasdaq in June. Revenue surged 161% driven by subscriber growth for its Starlink satellite internet service. Adjusted earnings per share reached 35 cents, compared with expectations of 13 cents, sending the company's stock up 9.3% in after-hours trading.