Virgin Galactic shares slip as quarterly results reveal next spaceflight test delayed to May

Business


A Banner hangs outside the New York Stock Exchange (NYSE) ahead of the Virgin Galactic (SPCE) IPO in New York, U.S., October 28, 2019.

Brendan McDermid | Reuters

Virgin Galactic delivered fourth quarter results after the market closed on Thursday, with the company disclosing its next spaceflight test is delayed to May.

The company reported an adjusted EBITDA loss of $59.5 million, down from a loss of $66 million in the previous quarter.

Shares of Virgin Galactic fell as much as 3% in after hours trading, after having fallen 8.4% during the day to close at $42.24 a share.

The company announced earlier on Thursday that CFO Jon Campagna is stepping down, effective on Monday. He will be succeeded by Doug Ahrens, former CFO of semiconductor specialist Mellanox.

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