New Delhi, Oct 20 (IANS) Elon Musk-backed SpaceX is set to report third-quarter earnings on Tuesday after the company’s stock plunged nearly 35 per cent from its peak after its debut.
The results will mark the company’s second quarterly earnings report since its stock market debut in June and come after a volatile period for the shares.
Investors will closely track whether growth in its Starlink satellite internet business can support the company’s expansion plans amid rising investments in artificial intelligence-related ventures.
The stock has retreated about 35 per cent from the record high reached shortly after its listing.
The earnings release is expected to offer fresh insight into demand for Starlink services, a key growth driver for the Elon Musk-led company.
In addition, investors are also likely to assess management’s outlook for spending on new technologies and AI-linked businesses, which could influence expectations for future earnings.
SpaceX is scheduled to publish its September-quarter results after the close of US markets on Tuesday.
The earnings announcement comes during a closely watched week for Musk-led companies with electric vehicle maker Tesla due to report quarterly results on Wednesday.
SpaceX shares ended the previous trading on positive note at $147.96 on Nasdaq.
However, the stock has declined more than 5 per cent in the last week and 3 per cent in a month.
Earlier in the week, Musk had announced his plans to give SpaceX shares to every child in the United States next year.
In a post on social media platform X, the chief executive officer of SpaceX described the move as the first of many such initiatives.
“Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many,” Musk wrote.
Notably, Musk held a 48.4 per cent stake in SpaceX as of June 30, according to the US exchange filing.
It also highlighted that he owns approximately 6.42 billion shares in SpaceX. His holdings include 849.5 million Class A shares and 3.92 billion Class B shares held through trusts where he serves as trustee.
Also, he directly owns about 1.30 billion restricted Class B shares and has rights tied to stock options covering another 350 million Class B shares.
–IANS
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