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Virgin Galactic Cutting 18% of Workforce

Quarterly revenue above estimates

By KEVIN COSTELLOE

Space tourism company Virgin Galactic Holdings Inc. (NYSE: SPCE) in Tustin said it’s laying off about 185 employees, or 18% of its workforce, as the company faces pressure from high interest rates.

The shares rose 13% to $1.76 apiece for a market cap of $574 million in after-hours trading, after closing down 10%.

The space company expects to save $25 million annually following the staff reduction.

Virgin Galactic also released earnings today, with third-quarter revenue of $1.7 million easily outpacing analysts’ expectations of just under $1.1 million. Revenue for the fourth quarter of 2023 is expected to be approximately $3 million.

For further details, see the Nov. 20 print edition.

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
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