Rocket Lab shares fall after launch of latest rocket

Rocket Lab shares fall after launch of latest rocket

Shares of Rocket Lab fell Tuesday after the aerospace firm said it experienced an undisclosed issue during its latest launch.

Shares were at about $4.70 a share during midday trading, down from the previous record of $4.70 a share. Rocket Lab has now forecast a revision of revenue guidance for the third quarter.

In its second-quarter earnings report, the company predicted revenue of around $30 million for the first quarter of the year. Rocket Lab said it predicted $77 million to $73 million in revenue, with the majority generated by its space systems division.

With space investments starting to dry up, Rocket Lab's stock has fallen around 60% since 2021. As of last close, it had a market capitalization of $2.44 billion.

The electron rocket was armed with satellites for Capella Space, the American space tech firm, that provides radar and Earth observation technology.

Rocket Lab's next launch was slated for the late third quarter but has been postponed to carry out corrective actions.

The aerospace company's Electron rocket has successfully delivered 171 satellites to orbit over 37 successful orbital missions.