SpaceX's earnings were more than double market expectations

SpaceX's net income in the third quarter reached $4.4 billion, according to the report, while Wall Street had forecast $1.88 billion, Bloomberg reports . This is the first time the company has reported quarterly earnings.

SpaceX's revenue in the third quarter increased 2.6-fold, driven by its AI business and Starlink, reaching $14.58 billion, compared with market estimates of $12.87 billion.

Capital expenditures were virtually in line with expectations: $19.59 billion versus $19.6 billion.

Following the release of the report, the company's stock rose 2.2% in after-hours trading.

This news story is being updated.

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