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In first public results, Branson’s Virgin Galactic posts $73 million quarterly loss – Source Reuters Tech News

SEATTLE (Reuters) – Billionaire Richard Branson’s space tourism company, Virgin Galactic Holdings Inc (SPCE.N), said on Tuesday its fourth-quarter net loss widened to $73 million from a year-ago loss of $46 million as it reported its first results as a publicly traded company.

FILE PHOTO: Sir Richard Branson stands on the floor of the New York Stock Exchange (NYSE) ahead of Virgin Galactic (SPCE) trading in New York, U.S., October 28, 2019. REUTERS/Brendan McDermid/File Photo

The quarterly results, which include one-time transaction and other related costs, come as the company is aiming for a first commercial flight later this year with Branson on board.

“It will be a transformative moment for the company,” Chief Executive George Whitesides told analysts on a conference call, adding that revenue and cash flow will ramp up in 2021.

Shares of Virgin Galactic were volatile in after-hours trading and were last down 6.4%. Shares had rallied in recent days, driven by investor…

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Source Reuters Tech News

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