Virgin Galactic sells space-tourism seats faster than it anticipated

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Virgin Galactic Holdings Inc. SPCE, +1.84% stock edged lower in the extended session Monday after the space-tourism company reported a wider quarterly loss and said its $450,000 space-tourism seats are selling faster than it anticipated. Virgin said it lost $48 million, or 32 cents a share, in the third quarter, compared with a loss of $92 million, or 41 cents a share, in the third quarter of 2020 and FactSet consensus of a loss of 28 cents a share. The company had $2.6 million in revenue, compared with FactSet expectations of revenue around $1.4 million. Virgin Galactic said it is on track to launch its private-astronaut commercial service in late 2022. “Demand for space travel is strong, and we’ve been selling seats ahead of the pace we had planned,” Chief Executive Michael Colglazier said in a statement. “This demonstrates the incredible market for our product and appreciation for the value of the unique experience we offer.” Virgin had targeted the sale of 1,000 reservations before the launch of space-tourism service, and about 700 of these have been sold, the company said. The current price of $450,000 a seat “has been well received,” Virgin Galactic said. Virgin landed on that price in August and has sold about 100 seats since.

This article was originally published by Marketwatch.com. Read the original article here.

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