Elon Musk’s Starlink Soars: $1.4 Billion Revenue Surprises All @ElonMusk-FanZone
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SpaceX’s Starlink satellite internet service brought in $1.4 billion in revenue last year, a sizable jump from the $222 million it made in 2021, The Wall Street Journal reported on Wednesday. The revenue, while a significant increase from the previous year, fell short of billionaire CEO Elon Musk’s projections during a 2015 presentation to investors.
In the first three months of 2023, SpaceX reported it had generated $55 million in profit and $1.5 billion in revenue, marking its first profit after two years of financial losses, according to documents viewed by WSJ. It marks a stark contrast to Musk’s forecast in 2015, claiming Starlink would reel in a $7 billion operating profit in 2022 and would generate nearly $12 billion in revenue, according to WSJ.
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Reports suggest that Starlink has also been slower to sign up customers than Musk expected, signing up roughly one million active subscribers by the end of 2022, a sharp shortfall from the 20 million subscribers Musk expected to have, according to the report.
Starlink’s credibility was put into question by the Federal Communications Commission (FCC) last year after Starlink secured $885.5 million in grant funds. The FCC later reversed its decision, claiming that Starlink “failed to meet program requirements.”
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