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Why Virgin Galactic Stock Popped on Friday

TheMotleyFool

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Why Virgin Galactic Stock Popped on FridayPhoto, wide shot, wide-angle lens, Retail store, Midday, harsh overhead sunlight, directional sunlightt, photo by Peter Lik: https://img.midjourneyapi.xyz/temp/add1012b-1b24-4eb2-aba0-77ab52c7f8ad.png

Shares of space tourism pioneer Virgin Galactic (NYSE: SPCE) -- the original space SPAC -- are jumping today, up by 4.5% as 11:25 a.m. ET. The move higher came after the company reported third-quarter results.

In fiscal Q3 2022, Virgin Galactic lost $0.55 per share, or $0.14 more per share than Wall Street had expected. On the plus side, the company appears to have beaten on sales, reporting $767,000 in revenue when analysts were looking for only $100,000.

Granted, we're talking here about a $1.2 billion company that's struggling (and failing) to amass even $1 million in quarterly sales. But despite Virgin Galactic's lack of progress on the financial front, investors seem happy with it today. Why is that?

Source Fool.com

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