Why Virgin Galactic Stock Just Dropped an Unlucky 7%
Last night, space tourism pioneer Virgin Galactic (NYSE: SPCE) announced its earnings from the first quarter with the only spaceplane it has. The news was not great, and as of 11:05 a.m. ET on Wednesday, the stock is down 7.1%, making it officially a penny stock again.
The decline follows its 10% jump on Monday after the company announced progress on its do-or-die project to build a new Delta-class spaceplane to replace the current Unity-class spaceplane -- the only craft the company has, and one that's due to be retired next month.
Virgin Galactic's news wasn't all bad. Revenue came in at $2 million, ahead of the $1.9 million Wall Street forecast. Losses were $0.25 per share, better than the $0.29 that the Street feared. Revenue was higher, and losses lower, than a year ago as well.
Source Fool.com
