Shares of ViaSat were lower Wednesday, a day after the company reported its third-quarter financial results.
Today, ViaSat released its third-quarter financial results, causing the company’s stock to drop by 17% to $18.96 just before the closing bell. The trading volume for the day surpassed the average daily volume, with over 3.4 million shares traded.
Q3 Performance and Outlook
For the third quarter, ViaSat reported a loss per share of 99 cents on revenue of $1.12 billion. In comparison, during the same period last year, the company reported a loss per share of 55 cents on revenue of $714.1 million.
“The increase in net loss was driven primarily by higher interest expense associated with the additional debt incurred and assumed in the Inmarsat acquisition and non-recurring charges relating to the integration of Inmarsat,” explained the company. ViaSat completed its acquisition of Inmarsat on May 30 last year.
On an adjusted basis, ViaSat’s earnings per share for the third quarter were 24 cents. This is a significant improvement from the adjusted loss per share of 14 cents reported in the year-ago period.
Future Expectations
Looking ahead, ViaSat stated that it anticipates “year-over-year revenue growth in the high single-digit percentages over the combined revenue of ViaSat and Inmarsat in fiscal year 2023.” The company aims at achieving this milestone by fiscal year 2024.
About ViaSat
ViaSat is a leading provider of communications technologies and services. It offers satellite services, commercial networks, and government systems segments to cater to various communication needs.