Virgin Galactic delays launch of commercial space flight service By Reuters

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Virgin Galactic delays launch of commercial space flight service

Stock Markets May 05, 2022 05:36PM ET

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Virgin Galactic delays launch of commercial space flight service

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(Reuters) - Virgin Galactic Holdings (NYSE:SPCE) Inc will delay the launch of its commercial space flight service to the first quarter of 2023, the space tourism company said on Thursday, citing supply chain crisis and labor constraints.

Shares of the company fell nearly 2% in extended trading.

"We look forward to returning to space in the fourth quarter and launching commercial service in the first quarter of next year," Chief Executive Officer Michael Colglazier said.

The Richard Branson-founded company had earlier planned to launch the commercial space flight service in the fourth quarter of 2022.

A handful of companies including Elon Musk's SpaceX and Jeff Bezos' Blue Origin are striving to make space tourism a reality, and some have already launched civilian missions.

Virgin Galactic's net loss stood at $93.1 million during the first quarter ended March 31, compared to a loss of $129.7 million, a year ago.

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