Virgin Galactic 'evaluating' timeline for next flight test, shares drop

Virgin Galactic 'evaluating' timeline for next flight test, shares drop
Virgin Galactic 'evaluating' timeline for next flight test, shares drop   -   Copyright  (c) Copyright Thomson Reuters 2021. Click For Restrictions - https://agency.reuters.com/en/copyright.html   -  
By Reuters

<p><body> <p>(Reuters) – Billionaire Richard Branson’s Virgin Galactic Holdings Inc said on Monday it was evaluating the timing of its next flight test, sending shares down 9.4% in extended trade.</p> <p>“Following Eve’s last post slide inspection, we tagged a potential wear and tear issue as requiring further evaluation and analysis to see if any additional action is necessary,” said Michael Moses, president of the company’s space missions & safety, on a post earnings conference call.</p> <p>“We continue to make strides towards our strategic objectives and have solid momentum as we focus on completing our flight test program,” Chief Executive Officer Michael Colglazier said in a statetment. </p> <p>Virgin Galactic, which delayed its quarterly results by about a week, said total future astronauts remained at about 600, as of March 31. </p> <p>It also posted a first-quarter loss of $130 million, compared to a $377 million net loss last year.</p> <p/> <p> (Reporting by Arunima Kumar in Bengaluru; Editing by Rashmi Aich)</p> </body></p>