Why Virgin Galactic Shares Plunged 15.9% in February
Shares of space tourism company Virgin Galactic (NYSE: SPCE) dropped 15.9% in February, according to data provided by S&P Global Market Intelligence, and the losses didn't stop there. In the first two days of trading in March, shares are down another 9.3%.
The biggest news of the month came during Virgin Galactic's earnings call with investors. It wasn't surprising that revenue was zero for the fourth quarter of 2020 or that the company lost $74.1 million ($0.31 per share). What was surprising was a delay in the company's next test flight until May at the earliest.
A concept drawing of Virgin Galactic's Mach 3 passenger plane. Image source: Virgin Galactic.
Source Fool.com
