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SpaceX earnings: Hotly anticipated first report comes as the stock tumbles 15% since IPO
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SpaceX's first earnings report since its historic IPO is about to drop, and it comes at a sensitive time for the stock, which has tumbled 15% from the $135 offering price.Wall Street isn't expecting the company to report a surprise profit. Starlink, its satellite internet business, is where investors will want to see growth in order to keep the money coming in while other projects pan out.
The report comes two days before a lockup expiration is set to significantly increase the public float, or the amount of stock available to trade. On August 6, insiders and early investors will be allowed to sell nearly a billion shares into the market, or about $106.4 billion worth of stock based on Monday's closing price. It could be a fresh headwind, and with a staggered lockup expiry schedule, investors could be in for months of volatility as supply of SpaceX stock steadily balloons. SpaceX will report earnings after the 4 p.m. ET closing bell. The call with analysts will begin around 4:30 p.m. ET.
