SpaceX jumps as quarterly revenue surges; Netflix falls
SpaceX shares climbed at the US market open after quarterly revenue surged and the company swung to a profit, while Netflix fell after its forecast disappointed investors.
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SpaceX shares rose sharply in early trading on Wednesday after the company reported third-quarter revenue of $14.6 billion and net income of $4.4 billion, reversing a loss a year earlier. Netflix shares fell after its outlook disappointed investors, Reuters reported.
SpaceX’s revenue for the quarter ended 30 September was up 161% year on year. The company attributed the growth to its Super Intelligence and Connectivity businesses, which include AI-related operations and Starlink satellite internet.
At the market open, SpaceX was up 8.08% and Netflix down 4.52%, according to Reuters. Those were opening movements, not full-session results. Wall Street’s main indexes opened higher, with the Nasdaq Composite up 0.67%.
SpaceX also reported $2.8 billion in operating income, compared with an operating loss of $273 million in the same quarter last year. Its net income a year earlier was $1.1 billion, according to the company’s earnings release.
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