Why Virgin Galactic Stock Is Falling Today
Virgin Galactic Holdings (NYSE: SPCE) accomplished a lot in the second quarter, but all that activity did not translate to the returns that Wall Street had expected. Shares of the space start-up fell about 5% after the company released its numbers and provided tepid guidance about the quarters to come.
After years of delays, Virgin Galactic is finally airborne. The company celebrated its first commercial mission in June, and a second flight that will carry private astronaut customers is scheduled for August 10.
But the launch of service failed to meet Wall Street's initial financial expectations. Virgin Galactic lost $0.51 per share in the quarter on revenue of $2 million, falling short of the consensus estimate of a $0.46-per-share loss on sales of $2.69 million.
Source Fool.com
