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Richard Branson's Spaceflight Startup Virgin Galactic Sees Stock Surge After Narrowing Q3 Losses, Announces $300M Stock Sale

Benzinga LogoBenzinga11h ago

Richard Branson's Spaceflight Startup Virgin Galactic Sees Stock Surge After Narrowing Q3 Losses, Announces $300M Stock Sale - Benzinga

Quick Summary:

Virgin Galactic Holdings Inc.(NYSE:SPCE) shares closed up 3.5% on Wednesday after the company reported a net loss of $75 million for the third quarter, lower than the $105 million net loss reported in the corresponding period last year owing to lower operating expenses.

What Happened: Branson’s spaceflight company’s total operating expenses fell to $82.1 million in the third quarter from $116 million in the corresponding quarter a year ago.

However, revenue also fell to $0.4 million from $1.7 million last year owing to the pause in commercial spaceflights.


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Article Details

Author / Journalist: Anan Ashraf

Category: Technology

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-07 @ 09:58:31 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 315 words

Reading Time: 2 minutes read

Sentences: 13 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Benzinga

News ID: 23460072

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Main Topics: Technology

Official Website: benzinga.com

Update Frequency: 14 posts per day

Year Established: 2010

Headquarters: United States

News Last Updated: 9 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #53

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