Virgin Galactic Plans Workforce Reduction

Virgin Galactic plans realignment of its resources and a related workforce reduction to support production of Delta Class spaceships.

• Number of job cuts not specified in statement
• “Uncertainty has grown in the capital markets,” CEO Michael Colglazier said in statement. “Interest rates remain high, which adds pressure to companies who are investing today for profits that will come in the future. Geopolitical unrest continues to expand, and the combination of these factors makes near-term access to capital much less favorable.”
• Management will share more details in third-quarter earnings call Nov. 8

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