Virgin Galactic stock rockets higher after Q2 results

Virgin Galactic stock rockets higher after Q2 results

Enovix shares are trading higher in the afternoon after the company announced it has reached its quarter-final goal of producing 18,000 cells ahead of schedule.

Enovix said it has reached its second-quarter guidance of 18,000 units produced from its Fab 1 plant and now expects to exceed its previous outlook for the quarter.

Our team continues to execute against our aggressive goals. The main enhancements that the operations team have incorporated, including throughput and machine uptime, have paid off, said Raj Talluri, Enovix's president and CEO.

Enovix also said it reaffirmed full-year 2023 guidance of 180,000 cells produced for customers from Fab 1.

Why is Virgin Galactic stock rocketing higher after hours?

ENVX price action: Enovix shares were up 3.45% after trading at $14.10 at the time of the release, according to Benzinga Pro.