Virgin Galactic Holdings, Inc. (NYSE: SPCE) on Thursday reported a net loss for the third quarter of 2020, reflecting the continuing impact of virus-related disruption.
The company posted a net loss of $76.9 million or $0.34 per share for the September-quarter, compared to a loss of $51.53 million or $0.27 per share last year. The deterioration was bigger than expected. Elevated costs and expenses negatively impacted the bottom-line performance.
The aviation firm did not generate revenue in the third quarter, as it did in the preceding quarter. In the third quarter of 2019, revenues were around $832,000
Read management/analysts’ comments on Virgin Galactic’s Q3 results
Virgin Galactic’s stock had a positive start to 2020 and made solid gains in the early days of the year, before retreating and trading flat in the following weeks. The stock gained on Thursday evening following the announcement.