Virgin Galactic (SPCE) to cut 185 employees, or 18% of workforce
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Virgin Galactic to cut workforce by 18%
November 8, 2023 4:36 PM EST(Reuters) -Virgin Galactic Holdings announced on Wednesday it will be laying off approximately 185 employees, constituting about 18% of its workforce, in a bid to cut costs.
Shares of the company were up 14.1% after the bell.
The space company expects to save $25 million annually following the reduction.
... MoreVirgin Galactic Holdings (SPCE) Tops Q3 EPS by 14c
November 8, 2023 4:10 PM ESTVirgin Galactic Holdings (NYSE: SPCE) reported Q3 EPS of ($0.28), $0.14 better than the analyst estimate of ($0.42). Revenue for the quarter came in at $1.7 million versus the consensus estimate of $1.08 million.
For earnings history and earnings-related data on Virgin Galactic Holdings (SPCE) click here.
... MoreVirgin Galactic (SPCE) Provides Business Update
November 7, 2023 6:20 PM ESTVirgin Galactic Holdings, Inc. (NYSE: SPCE) notified all employees today, Tuesday, November 7 of a strategic realignment of the Companys resources and a related workforce reduction to support the production of its Delta Class spaceships.
Virgin Galactics senior leadership will share additional details... More
