60.5 F
Laguna Hills
Monday, Jun 17, 2024
-Advertisement-

Virgin Galactic Revenue Misses, Next Flight Seen Aug. 10

Shares fall on earnings

Space tourism company Virgin Galactic in Tustin reported second-quarter revenue below analysts’ estimates, as its net loss for the period widened to $134 million. Shares in the company fell in after-hours trading.

The company in its earnings release today reiterated the launch of its next astronaut mission, Galactic 02, is planned for Aug. 10.

Second-quarter revenue jumped five-fold to $2 million, but below the $2.7 million average of nine analysts cited by Yahoo.

The net loss for the second quarter was 20% greater than the $111 million in the same period last year.

Virgin Galactic is counting on a boom in astronaut launches at $450,000 per person to boost its revenue.

Virgin Galactic forecast sales of about $1 million for each of the third and fourth quarters.

Shares in the company slipped 3.9% to $3.99 apiece for a market cap of $1.2 billion in after-hours trading, after closing the day down 3.3%.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-