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: technology, virgin galactic holdings inc, breaking news: business, the edge, space industry, earnings, business, business news, technology, aerospace and defense industry, transportation,
Source: https://www.cnbc.com/2023/11/08/virgin-galactic-spce-q3-earnings-report.html