Virgin Galactic Stock Plummets 7% on Disappointing First Quarter Results
Wednesday, 8 May 2024, 16:21
Virgin Galactic's Earnings Update
Surprise! Virgin Galactic is once again classified as a penny stock following its first-quarter report. The company disclosed a mixed bag of results, including better revenue and lower losses than expected. However, challenging guidance for the second quarter and continued cash burn overshadowed the positives.
Key Points:
- Revenue: Came in at $2 million, slightly exceeding forecasts
- Losses: Stood at $0.25 per share, lower than anticipated
- Guidance: Warned of lower second-quarter sales and ongoing cash burn
Investors wary of Virgin Galactic's financial health as cash reserves dwindle and risks of potential delays loom large.
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