Virgin Galactic stock drops 3% following Q2 results

Virgin Galactic (SPCE) shares fell more than 3% after-hours following the company’s reported . EPS of ($0.46) came in better than the consensus estimate of ($0.51), while revenue of $1.87 million missed the consensus of $2.52M.

“During the quarter, we successfully completed two spaceflights in two months, including the launch of commercial service in late June with a scientific research mission. Scheduled for next week, the ‘Galactic 02’ mission will deliver a transformational experience for our first private astronauts, and we expect to continue broadening access to space with monthly flights thereafter,” said CEO Michael Colglazier.

The company provided its outlook, expecting revenue of $1M and free cash flow of $(120)-$(130)M for each of the Q3 and Q4 quarters.