Why Rocket Lab Stock Took Off Today

Rocket Lab USA (NASDAQ: RKLB) second-quarter results came in well ahead of expectations, and the company raised its outlook for the current quarter. Shares are blasting off, gaining 21% in Friday trading.

Rocket Lab is one of the number of space stocks that have hit the market in recent years, attempting to disrupt what has historically been a very small industry. Rocket Lab is focused on the small-satellite launch market and has been attempting to develop into a one-stop shop that can build satellites for customers and then launch them.

The plan appears to be working. Rocket Lab reported Q2 revenue of $55.5 million, up from $11.28 million in the same quarter a year ago. It also lost less money, reporting a loss of $0.08 per share compared to $0.21 per share in Q2 2021. In a statement, CEO Peter Beck said:

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Source Fool.com