Strong ticket sales boost Virgin Galactic during earnings
The space tourism company reports its Q3 2021 earnings, reporting strong demand for seats as the private space race heats up.
Video Transcript
SEANA SMITH: We want to get to some earnings reports. Virgin Galactic out with its quarterly results, the stock moving higher here after hours. Ines Ferre has that one for us. Ines.
INES FERRE: Thanks, Seana. Virgin Galactic reporting revenue of $2.58 million for the third quarter of this year. That was a beat. The Street was expecting revenue of $1.82 million. Meanwhile, its loss per share came in at $0.32. That's a little wider than what the Street had been expecting. But some interesting commentary in their press release, saying that the commercial service is on track for the fourth quarter of 2022. We knew that in October, they said that it was delayed to the fourth quarter of 2022.
Also, citing strong ticket sales at updated pricing of $450,000 per seat, with the CEO saying the demand for space travel is strong, and we've been selling seats ahead of the pace we had planned. Also taking note that its cash position remains strong at approximately $1 billion, and the company also reporting a net loss of $48 million compared to a $92 million net loss in the third quarter of 2020. Right now, we're seeing shares in after hours that are higher up more than 4%. Adam, Seana.
