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Virgin Galactic reports no quarterly revenue, plans additional offering of 20.5M in shares

Shares of Virgin Galactic Holdings slipped as much as 9% on Monday following the release of its second-quarter results, which fell below investors' expectations. The company announced that it would be offering an additional 20.5 million in shares to raise about $460 million. Yahoo Finance’s Jared Blikre breaks down the company’s quarterly report on The Final Round.

Video Transcript

JARED BLIKRE: Also in the earnings news, we just got Virgin Galactic holdings. That stock is down 7%. Now they had zero revenue. That is no revenue in the quarter. And they missed their-- they missed on the earnings. And that's where actually the loss per share number by a pretty wide margin.

But I think what's really pressuring the stock here is that they're offering an additional $20.5 million in shares. They're trying to raise over $400 million in equity. So that is diluted, and that's probably why we're seeing the stock down in after market trading, currently down about 3.75% here.