NEW YORK (AP) — SpaceX reported it lost more than half a billion dollars in its first quarterly report as a public company, but the loss was less than Wall Street expected and revenue soared. The company run by Elon Musk reported a loss of $541 million, or 9 cents per share, in the three months through June, less than half what financial analysts had expected. Revenue jumped to $7.8 billion, up more than 90% from the year-earlier period.Musk will field questions from investors and financial analysts soon on a conference call.Stock in the rocket, satellite communications and AI company has fallen by roughly half since its June peak shortly an initial public offering that briefly made Musk the world’s first trillionaire.Investors have knocked the share price down on worries Musk had oversold them on the company’s future prospects for space travel and colonization among other issues. They’re also bracing for volatile trading as some company insiders get the opportunity to sell shares after the expiration of what’s known as a lockup provision later in the week.
The shares jumped 19% on their first day of trading, making Musk the first-ever trillionaire. The subsequent drop in SpaceX, as well as a decline in the shares of Musk’s electric vehicle company Tesla, have knocked his wealth down to $783 billion, according to Forbes.
