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Virgin Galactic stock surges 30% after announcing plan for cost savings - TL;DR CNBC

Virgin Galactic stock surges 30% after announcing plan for cost savings

Publishing timestamp: 2023-11-09 10:05:46


Summary

Virgin Galactic plans to pause spaceflight operations next year to focus on developing its next-generation Delta-class spacecraft. The company has also laid off about 185 employees in order to decrease costs. Despite a decrease in stock value, shares of Virgin Galactic surged in trading volume. The company aims to open a new factory by mid-2024 and had cash and securities totaling $1.1 billion at the end of the quarter.


Sentiment: MIXED

Tickers: SPCE

Keywords: breaking news: technologyvirgin galactic holdings incbreaking news: businessthe edgespace industryearningsbusinessbusiness newstechnologyaerospace and defense industrytransportation

Source: https://www.cnbc.com/2023/11/08/virgin-galactic-spce-q3-earnings-report.html


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