Why Virgin Galactic Stock Is Falling Today
Shares of Virgin Galactic Holdings (NYSE: SPCE) dropped more than 10% at the open after the space tourism company reported weaker-than-expected results and warned of potential further delays to its testing schedule.
Investors knew going into earnings season that Virgin Galactic was bound to report a loss, but the company's first-quarter results came in worse than expected. Virgin Galactic lost $0.55 per share in the quarter on zero revenue, missing analyst expectations for a $0.27-per-share loss on revenue of $330,000.
Virgin Galactic's United spacecraft with its transport plane. Image source: Virgin Galactic.
Source Fool.com
