Virgin Galactic Stock Drops 23.4% Despite Q3 Earnings Beat

Virgin Galactic (SPCE) stock fell 23.4% by 11 a.m. ET on Friday, despite reporting a loss of 0.39 USD per share and sales of 430000 USD in its Q3 earnings. Analysts had expected a loss of 0.47 USD per share on sales of 231670 USD. The decline is attributed to the company's ongoing inability to provide space tourism services, having retired its last spaceplane in June 2024. Virgin Galactic will not resume flights until early Q2 2027, with its new spacecraft, Apeiron, expected to make its first commercial flight then. The company predicts its two spaceplanes will only fly 150 times per year by the end of 2028, raising concerns about future cash flow and leading to investor dissatisfaction.

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