Viasat, a prominent player in satellite-based broadband services, has reported robust financial results for the quarter ending on September 30, driven by the company’s strength in satellite-based broadband offerings. The company posted quarterly revenue of $1.23 billion, marking a significant milestone in its growth trajectory.
Viasat’s earnings before interest, tax, depreciation, and amortization (EBITDA) for the same period reached an impressive $486.3 million. According to Viasat’s President, Guru Gowrappan, “This quarter was the company’s best in terms of growth in the last two years.”
Looking ahead, Viasat has set ambitious expectations for its full-year 2024 actual revenue, anticipating it to fall within the range of $4.10 billion to $4.25 billion. This outlook takes into account the contributions from the British satellite rival Inmarsat, which Viasat acquired for $7.3 billion in May.
Gowrappan highlighted Viasat’s global mobility value proposition, emphasizing the company’s commitment to delivering reliable service even in challenging and congested hotspots. This capability underscores Viasat’s strength in providing satellite-based broadband solutions.
Despite its impressive financial performance, Viasat has faced notable challenges in recent months. Two of its launched satellites experienced technical issues. The ViaSat-3 Americas satellite, launched in April, encountered problems with its antenna during deployment. Additionally, a communications satellite from Inmarsat, launched in February, experienced malfunctions after reaching space.
To streamline its operations following the acquisition of Inmarsat, Viasat recently made the difficult decision to lay off approximately 800 employees, constituting around 10 percent of its workforce. This move was part of the company’s efforts to optimize its operations and is expected to result in annual savings of $100 million by fiscal year 2025. Despite these challenges, Viasat remains committed to its mission of providing satellite-based broadband services and expanding its global footprint in the telecommunications industry.