Virgin Galactic stock falls on Q2 revenue miss

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Shares of Virgin Galactic Holdings Inc. fell in extended trading Tuesday after the private space company’s second-quarter revenue came in below Wall Street’s estimates. The company’s stock fell 3.4% in extended trading Tuesday after ending the regular session down 3.3%. Related: These are the passengers for Virgin Galactic’s first private spaceflight Virgin Galactic SPCE, -3.27% reported sales of $1.871 million, up from $357,000 in the same period last year. Analysts surveyed by FactSet were looking for revenue of $2.5 million. The company said it lost $134.4 million, or 46 cents a share, in the second quarter, compared with a loss of $110.7 million, or 43 cents a share, in the same period last year. Analysts surveyed by FactSet were looking for a loss of 51 cents a share. Related: SpaceX and Virgin Galactic are pushing space tourism, but most Americans plan to stay on Earth, poll finds Virgin Galactic, which is targeting Aug. 10 for the launch of its second commercial spaceflight, Galactic 02, said that its net loss was primarily driven by an increase in research and development expenses related to development of its future fleet. “Scheduled for next week, the ‘Galactic 02’ mission will deliver a transformational experience for our first private astronauts, and we expect to continue broadening access to space with monthly flights thereafter,” said Virgin Galactic CEO Michael Colglazier, in a statement. “Our financial position remains strong, and we remain focused on scaling the business and delivering our Delta Class spaceships for commercial service in 2026.” Related: SpaceX and Virgin Galactic are pushing space tourism, but most Americans plan to stay on Earth, poll finds Revenue for each of the third and fourth quarter is expected to be approximately $1 million, Virgin Galactic said in a statement.