Why Virgin Galactic Shares Are Down Today
Shares of Virgin Galactic Holdings (NYSE: SPCE) rocketed 5% higher and then fell back to Earth on Friday following the release of quarterly results. Investors aren't sure what to make of the space tourism company right now, and the stock traded down nearly 3% on Friday afternoon as a result.
After markets closed Thursday, Virgin Galactic reported a loss of $0.34 per share in the third quarter, falling short of analyst expectations for a $0.26 per share loss. For the second straight quarter the company had no revenue, but spent about $77 million on research and development and sales and administrative expenses.
Image source: Virgin Galactic.
Source Fool.com
