Virgin Galactic Holdings Inc (NYSE:SPCE) is trading lower Tuesday morning after the company reported zero revenue and losses per share that nearly doubled the estimates.
What Happened: On Monday after the close, the company reported an earnings loss of 55 cents per share, which came in below the estimate for a loss of 27 cents per share. The company reported its fourth consecutive quarter of zero revenue. Virgin Galactic said the timing of its next flight test is being evaluated.
“We continue to make strides towards our strategic objectives and have solid momentum as we focus on completing our flight test program. We are committed to delivering one of the world's most unique and transformational customer experiences, with safety at the core of everything we do," said Michael Colglazier, CEO of Virgin Galactic.
On CNBC's "Squawk On The Street," Jim Cramer commented on the conference call, saying it was "horrible."
Price Action: Virgin Galactic traded as high as $62.80 and as low as $13.87 over a 52-week period. The stock traded down to the $14 range in premarket trading and then was halted for volatility as it rocketed higher at market open. It was down 6.7% at $16.74 at last check.
Photo courtesy of Virgin Galactic.