Why Virgin Galactic Stock Popped on Friday
Shares of space tourism pioneer Virgin Galactic (NYSE: SPCE) -- the original space SPAC -- are jumping today, up by 4.5% as 11:25 a.m. ET. The move higher came after the company reported third-quarter results.
In fiscal Q3 2022, Virgin Galactic lost $0.55 per share, or $0.14 more per share than Wall Street had expected. On the plus side, the company appears to have beaten on sales, reporting $767,000 in revenue when analysts were looking for only $100,000.
Granted, we're talking here about a $1.2 billion company that's struggling (and failing) to amass even $1 million in quarterly sales. But despite Virgin Galactic's lack of progress on the financial front, investors seem happy with it today. Why is that?
Source Fool.com
