SpaceX stock falls 8% as first earnings beat is overshadowed by $18B capex - SiliconANGLE

SpaceX stock falls 8% as first earnings beat is overshadowed by $18B capex

Shares in Space Exploration Technologies Corp. fell more than 8% in late trading today after the newly public company beat Wall Street on revenue and earnings in its second quarter and disclosed capital spending billions of dollars above what analysts had modeled.

It was SpaceX’s first quarterly report since its June initial public offering, the largest on record.

For the quarter that ended June 30, SpaceX reported a net loss of nine cents per share on revenue of $7.81 billion, up 92% from $4.07 billion a year earlier. Analysts were expecting a loss of 26 cents per share on revenue of $6.93 billion. On an unadjusted basis, the net loss came to $541 million, narrowing from $1.01 billion, or 34 cents per share, in the same quarter last year.

Adjusted earnings before interest, taxes, depreciation and amortization rose 191% to $3.54 billion. Loss from operations was $143 million, against $970 million a year ago.