Virgin Galactic lays off 18 percent of employees. Horrible bankruptcy, hard company

For struggling companies like Virgin Galactic, the dream investment is the only way out of this economic cycle. The founder and general editor of Fortuna Investments, Justus Parmar, said about those who do not take such a step, as a wave of bankruptcy.

The company now anticipates that employee turnover will cost $25 million (K574.9 million). In the fourth quarter, it should recover costs of five million USD in connection with the transfer.

Virgin Galactic estimates that in the fourth quarter, its revenues will be around those millions of USD. In this quarter, it posted a loss of 28 cents per share, while analysts had expected a loss of 43 cents per share, Reuters reported.

Virgin Galactic was founded in 2004 by British billionaire Richard Branson. However, his ambitious plans for tourist flights into space took a hit, and after years of preparation, the first tourist flight was realized in August this year.

Among other things, the machine transported a 80-kilometer distance to a veteran athlete who bought a plane in 2005. The August flight was Virgin Galactic’s seventh excursion into space since 2018, and the first with a paying passenger.

Blue Origin, the American founder of Amazon.com, Jeff Bezos, and Elon Musk’s SpaceX want to transport tourists into space.