Virgin Galactic (SPCE) stock soared 19% Thursday following an earnings report with lower-than-expected losses and aಞ Tuesday announcement that the company will lay off a number of employees.

Virgin Galactic doubled its quarterly revenue to $1.7 billion from $0.8 billion a year ago without a major expansion in 澳洲幸运5官方开奖结果体彩网:operating expenses. Despite a net loss of $105 million in the third quarter, cash on hand totals a healthy $1.1 billion. That's an increase of $108 million from the second quarter, driven in part by $211 million gross proceeds from 62 million issued shares.

Virgin Galactic is planning to open a factory in Phoenix, Arizona, in mid-2024. The company will also be reducing the frequency of its spaceflights as it directs funds into spaceship production, despite six successful trips earlier this year.

Tuesday's layoffs are part of a cost-cutting effort as Virgin stares down capital-intensive upfront investments "to create a fleet of ships based on a standardized production model." The company's "Delta Class" ships are expected to be the primary drivers of growth and productivity as Virgin endeavors to "profitably scale" its commercial spaceflight business. Delta Class spaceships are expected to enter revenue service in 2026.

The company anticipates savings of approximately $25 million from the workforce reduction, which will affect roughly 18% of its employees, Reuters reports.