: Virgin Galactic’s stock soars after company rakes up $1.7 million in revenue from space tourism

Virgin Galactic Holdings Inc. SPCE shares rose more than 10% in the after-hours session Wednesday after the space-tourism company narrowed its quarterly loss and doubled its revenue, topping Wall Street expectations. Virgin Galactic lost $105 million, or 28 cents a share, in the quarter, compared with $146 million, or 55 cents a share, in the year-ago quarter. The improvement was mostly due to lower operating expenses and an increase in interest income, the company said. Revenue rose to $1.7 million, compared with $800,000 in the third quarter of 2022, thanks to commercial spaceflights and membership fees related to future space tourists and astronauts, it said. Analysts polled by FactSet expected a loss of 42 cents a share on sales of $1.1 million. Virgin Galactic said its cash position “remains strong,” with cash and equivalents of $1.1 billion as of Sept. 30. Its Galactic 06 spaceflight mission is planned for January, and its spaceship factory in Phoenix, Ariz., is on track to open midyear, the company said. The production schedule for the newer Delta Class spaceships remains on track for revenue service in 2026, it said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.