Virgin Galactic stock tanked more than 10% late Thursday after the aerospace company reported a slightly narrower-than-expected loss for its fourth quarter but said it continues to feel the pressure from the pandemic on its space-tourism business.
Virgin Galactic SPCE, -8.41% said it lost $74 million, or 31 cents a share, in the quarter, compared with a loss of $73 million, or 37 cents a share in the year-ago period.
It had sales of $529,000 for the quarter.
Analysts polled by FactSet expected Virgin Galactic to report a GAAP loss of 32 cents a share on sales of $500,000.
Virgin is “continuing to experience ongoing delays to its business and operations due to COVID-19,” it said.
Virgin Galactic earlier this week announced that it had appointed Doug Ahrens as its new chief financial officer, effective March 1, succeeding Jon Campagna.
Shares of Virgin Galactic have gained around 30% in the past 12 months, compared with an advance of about 23% for the S&P 500 index SPX, -2.45%.