Spear shares rose nearly 4% following SpaceX's impressive third-quarter earnings report. The news that SpaceX's revenue exceeded market expectations and that it returned to profitability in operating income has led to increased buying interest in Spear, which is part of SpaceX's supply chain.
As of 10:04 a.m. on the Korea Exchange, Spear was trading at 22,700 won, up 1,050 won (4.85%) from the previous trading day.
This surge is attributed to SpaceX's announcement on October 20 that its third-quarter revenue reached $14.58 billion (approximately 19.3 trillion won), marking a 161% increase compared to the same period last year and surpassing the market forecast of $12.72 billion.
SpaceX also reported improved profitability, with its third-quarter operating income reaching $2.791 billion (about 3.7 trillion won), a turnaround from losses in the previous year and quarter. The company recorded a net profit of $4.44 billion.
Spear has a long-term contract to supply special alloys to SpaceX, which has led to expectations that SpaceX's business expansion and improved performance will positively impact the stock prices of related suppliers.
Meanwhile, HVEM, a company involved in special metal materials related to SpaceX, also showed an upward trend in early trading.
* This article has been translated by AI.
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