Viasat's Revenue Soars Amidst Satellite Investigation and Share Plunge
Viasat reported a 36% increase in quarterly revenue, despite ongoing investigations into the malfunction of its $750 million ViaSat-3 Americas communications satellite. The company is working closely with its antenna supplier to assess the status of the antenna and expects to provide an update on "corrective actions" at the end of the second quarter. Viasat has approximately $420 million in insurance on the satellite. It is investigating the root cause of the problem to avoid similar issues with its upcoming ViaSat-3 EMEA satellite. Viasat plans to gain additional bandwidth from its existing in-orbit fleet and believes revenue will continue to grow in fiscal year 2025.