Virgin Galactic Q3 Loss Narrows on Higher Revenue

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Virgin Galactic Q3 Loss Narrows on Higher Revenue

MarketWatch2023-11-09

Virgin Galactic Holdings' loss narrowed in the third quarter as the company looks to restructure.

The Orange County, Calif.-based space travel company posted a loss of $104.6 million, or 28 cents a share, in the third quarter, compared with a loss of $145.6 million, or 55 cents a share, a year earlier. Analysts polled by FactSet expected per-share earnings of 41 cents.

Revenue rose to $1.73 million from $767,000 a year ago, beating the $1.1 million expected by analysts polled by FactSet.

The company on Tuesday announced it would cut jobs as part of a pivot to production of its Delta Class spaceships. Virgin Galactic said it was having a harder time accessing capital because of higher interest rates and geopolitical unrest.

Stocks surged nearly 15% in extended trading on Wednesday.

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