Why Virgin Galactic Stock Slumped 10% Today
Shares of space tourism company Virgin Galactic (NYSE: SPCE) tumbled 10% through 10:10 a.m. ET on Wednesday after the company reported mixed earnings for its fiscal Q4 2023 last night.
No one expected Virgin Galactic to earn a profit last quarter. (No one expects Virgin Galactic to be profitable for quite a long time, in fact.) It was still a pleasant surprise last night, though, to see that the company lost a bit less money ($0.26 per share) than analysts had feared it would lose ($0.30 per share). On the minus side, revenues came in a bit short of the expected $3 million, with Virgin Galactic collecting only $2.8 million.
And that's the good news. The bad news is that Virgin Galactic looks set to report an even bigger "miss" on sales in Q1 2024 -- even as its losses were still pretty bad in Q4.
Source Fool.com
