SpaceX’s stock soars as Elon Musk reveals crushing earnings and revenue beat

Shares of Space Exploration Technologies Corp., Elon Musk’s rocket developer and artificial intelligence company, gained more than 8% in late trading today after posting earnings results that revealed the strong momentum of its AI business. The company, better known as SpaceX, reported third-quarter earnings before certain costs such as stock compensation of 45 cents per share, crushing Wall Street’s forecast of 13 cents, while revenue soared 161% from a year earlier, to $14.6 billion, surpassing the $12.72 billion target with ease. That helped SpaceX to deliver a first-ever profit, with net income coming to $4.4 billion to reverse a loss of $1.1 billion in the same period one year earlier. SpaceX also reported…