Parts of a SpaceX rocket reportedly crashed into the Moon on Wednesday in what analysts call a fitting metaphor for the falling share price of the rocket maker. SpaceX slumped in morning trading after publishing its first quarterly earnings as a public company, despite revenue surging 92% to $7.81 billion. Investors were unnerved by a sixfold increase in capital expenditures to $18.4 billion in the second quarter, with the bulk spent on artificial intelligence. The stock lost more than 7% in midday trading, wiping out most of Tuesday’s bounce and falling below the $135 IPO price. The next major test for investor confidence comes Thursday when the first lock-up expiry takes effect, potentially opening up more than 900 million shares for sale.
Source: Read the original article
