Virgin Galactic’s stock soars, company rakes in nearly $2 million in revenue from space tourism

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Virgin Galactic’s Stock Rises 15%, As The Company Brings In $3 Million In Revenue

News 2 Mins Read November 9, 2023 Posted by Soumava Goswami

The share value of Virgin Galactic increased by 15%, as the company raked almost $3 million in revenue in this quarter. The news came out after the after-hours trading on Wednesday. This is due to the fact that the company narrowed down its loss of the quarter and brought in revenue that is more than double compared to expectations.

Furthermore, Virgin Galactic also forecasted a revenue in the current that is higher than expected. However, it also acknowledged that the guide to the forecast is subject to a lot of uncertainty.

Michael Colglazier, the CEO of Virgin Galactic, stated –

?With six spaceflights successfully completed in under six months, Virgin Galactic has demonstrated the repeatability of our spaceflight system and also showcased the overwhelmingly positive experience of our astronauts.?

After the results, the company detailed its next year’s plans to its investors in a call. It said that some of the spots for space tourism are going for about 1 million.

Colglazier added that the company is hopeful about the coming of the Galactic 6 spaceflight. After that, the company also expects to move to a quarterly cadence of its Unity spaceflights rather than monthly. It is trying to put more focus on newer Delta flights and on developing the Delta spacecraft.

The company is also planning to pause its Unity spaceflights in the middle of 2024. The focus here is on the creation of a newer-class spaceship. Flights can resume in mid-2025 after the flight test of the Delta.

Earlier on Wednesday, Virgin Galactic also said that it lost $105 million, or 28 cents per share, in the third quarter. In last year?s third quarter, it lost #146 million or 55 cents per share.

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A passionate writer and an avid reader, Soumava is academically inclined and loves writing on topics requiring deep research. Having 3+ years of experience, Soumava also loves writing blogs in other domains, including digital marketing, business, technology, travel, and sports.

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