REUTERS/Nacho Doce/File Photo Acquire Licensing RightsSept 13 (Reuters) - SpaceX's satellite internet venture Starlink posted a more than six-fold surge in revenue last year to $1.4 billion, but fell short of targets set by CEO Elon Musk, the Wall Street Journal reported on Wednesday, citing documents. The company had in a 2015 presentation projected the division would generate almost $12 billion in revenue and $7 billion in operating profit in 2022, the report said. Starlink has been in the spotlight since last year as it helps provide Ukraine with satellite communications key to its war effort against Russia. Musk had said in 2021, before the Ukraine war, that SpaceX will list Starlink when its cash flow is reasonably predictable. The Journal reported last month that SpaceX's surging revenue helped it turn a small profit in the first quarter of 2023 after two annual losses.

Source: Wall Street Journal September 13, 2023 17:12 UTC