Virgin Galactic Revenue Falls Short as Launch Pause Looms
- Space tourism provider to halt commercial flights after June
- Company seeks to preserve cash for new spaceplane development
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Virgin Galactic Holdings Inc.’s revenue missed Wall Street expectations in the first quarter as the space tourism company prepares for its second and final launch of the year.
Revenue came to $1.99 million, the company said Tuesday, below analysts’ consensus estimate for $2.09 million and also lower than the $2.81 million it posted last quarter. Sales were driven by commercial spaceflight operations and membership fees from future astronauts. The results show how Virgin Galactic is faring in a difficult period, with its stock tumbling and commercial business slowing.