SpaceX's satellite Internet service Starlink has dominated the market and brought in more than a billion dollars - but was unable to meet aggressive internal projections.

The Wall Street Journal reports that Starlink's revenue for 2022 was $1.4 billion, up from $222 million in 2021. It is not known how much profit or loss the division made, but SpaceX President and COO Gwynne Shotwell said in February that Starlink is expected to turn a profit this year.

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– Open Broadcast Systems

Overall, SpaceX reported profits of $55 million on $1.5 billion in revenue in Q1 2023.

At the end of the year, the service had one million subscribers. It hit 1.5 million in May.

While that is larger than any other satellite Internet provider, it is significantly below the 20 million subscribers SpaceX predicted in a 2015 presentation to potential investors.

That 20m was expected to help lead to nearly $12 billion in revenue and $7bn in operating profit.

While the service is behind target, Starlink took a significant step towards lowering costs this week. CNBC reports that the company is no longer selling its antennas, also known as user terminals, at a loss. It used to lose more than $500 for every terminal sold, but now sells them at cost.