By Kailyn Rhone
Shares of Virgin Galactic declined after the company reported lower third-quarter revenue that missed analyst expectations and that it plans to sell shares at an offering price of up to $300 million.
The stock slipped 10%, to $6.36, during midday trading Thursday. For the year, shares are down almost 87%.
After the market closed Wednesday, the space-tourism company reported third-quarter revenue of $402,000, down about 77% from a year ago and short of the $2.1 million expected by analysts, according to FactSet.
The company reported a loss of $74.5 million, or $2.66 a share, compared with a loss of $104.6 million, or $5.57 per share, last year. That beat the loss of $4.01 that was forecast by analysts surveyed by FactSet.
Virgin Galactic, co-founded by Richard Branson, said on Wednesday it had entered a sales agreement in which it may offer and sell shares at an offering price of up to $300 million. The company plans to use proceeds from any sales to fast-track the expansion of its next-generation spaceflight fleet.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
November 07, 2024 13:45 ET (18:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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