Rocket Lab Reports Q2 Revenue Beat, Record Backlog — Stock Falls Anyway - Rocket Lab (NASDAQ:RKLB)

Rocket Lab Corporation (NASDAQ:RKLB) shares are trading lower Tuesday after the company reported mixed second-quarter financial results.

Rocket Lab shares are sliding. Why are RKLB shares down?

Q2 Highlights

Rocket Lab reported a second-quarter loss of 8 cents per share, missing the consensus estimate of a loss of 7 cents per share. In addition, the company reported revenue of $234.07 million, beating the consensus estimate of $231.35 million.

Total revenue was up 62% year-over-year, driven by surging demand across all business segments. Rocket Lab signed $437 million in new Electron, HASTE, and Neutron launch contracts during the quarter, along with additional post-quarter signings. The company ended the period with a record backlog of $2.36 billion and approximately $2.13 billion in cash and cash equivalents.