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2/25, 10:39 PM (Source: TeleTrader)
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Virgin Galactic 2020 revenue plunges 93% to $238M

Virgin Galactic revealed on Thursday that its yearly revenue plummeted by 93% from $3.7 billion to $238 million. Year-on-year net loss stood at $273 million, compared to the $211 million in 2019, and diluted loss per share rose 14% to $1.25.

Meanwhile, in the fourth quarter of 2020 the company did not bring any revenue and experienced a net loss of $74 million, compared to $72 million of the same period last year. Diluted loss per share dropped 16% to $0.31.

"We accomplished several significant milestones during 2020 despite the ongoing challenges posed by the COVID-19 pandemic. Looking ahead, we're focused on completing our test flight program, expanding our fleet of spaceships and motherships, and developing our unique and transformative customer experience. I am excited about the talent we're bringing on to our leadership team and the investments we're making in the business, both of which will position us well to scale for future growth," said Michael Colglazier, chief executive officer of Virgin Galactic.

Breaking the News / LH