The astronaut company made a surprising decision, and the exchange rate duly exploded

RockedBuzz
By RockedBuzz 1 Min Read

Space tourism company Virgin Galactic introduced this afternoon that It will briefly cease area flights in 2024. The company goals to focus its assets on creating its next-generation Delta-class spacecraft.

As a results of the announcement Virgin Galactic shares jumped 30% on Thursday. By the method, the company’s shares haven’t had a good yr: they have been down 55% from the starting of the yr till Wednesday night.

Downsizing has additionally begun at the company: Virgin Galactic laid off about 185 workers on Tuesday, representing about 18% of the company’s workforce. This transfer will end in roughly $25 million in annual value financial savings.

The company’s administration expects to realize a constructive money movement in 2026.

In its newest quarterly report, Virgin Galactic reported a web lack of $104.6 million, or 28 cents per share.

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Cover picture supply: Andia by way of Getty Images

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