Why Virgin Galactic Stock Is Falling Again Today

Wall Street continues to digest the quarterly update provided by Virgin Galactic Holdings (NYSE: SPCE), and investors continue to be unimpressed. Shares of Virgin Galactic traded down 6% on Wednesday morning, and are now off 14% for the week.

Expectations were low heading into earnings, but Virgin Galactic still managed to underwhelm. The space tourism company reported a loss of $0.55 per share on zero revenue, considerably worse than the estimate of $0.27 per share loss.

More disturbingly, the company was not able to provide a clear timetable on when flight testing will resume. Virgin Galactic had originally hoped to start flying tourists into space last year, but a combination of pandemic-related complication and testing setbacks has pushed that date back.

Source Fool.com