Virgin Galactic ‘evaluation schedule’ for the next flight test, stocks are falling

© Reuters. FILE PHOTO: The Virgin Galactic (SPCE) logo will appear on a screen on the floor of the New York Stock Exchange (NYSE) when the company goes public in New York, United States on October 28, 2019. REUTERS / Brendan McDermid

(Reuters) – Billionaire Richard Branson’s Virgin Galactic Holdings (NYSE 🙂 Inc announced Monday that it is evaluating the timing of their next flight test and is dropping shares 9.4% in expanded trading.

“Following Eve’s final post-slide inspection, we flagged a potential wear problem for further assessment and analysis to determine if additional action was needed,” said Michael Moses, president of the company’s space missions and safety, at a post-earnings report -Conference call.

“We continue to make progress towards our strategic goals and have solid momentum as we focus on completing our flight test program,” said Michael Colglazier, chief executive officer, in a statement.

Virgin Galactic, which delayed its quarterly results by about a week, said future astronauts remained at about 600 as of March 31.

The company posted a loss of $ 130 million in the first quarter compared to a net loss of $ 377 million a year earlier.

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