Viasat’s losses ballooned during the quarter, and the company posted a decline in revenue from communication services, one of its core business segments.
Shares of Viasat Inc. (VSAT) declined over 3% in pre-market trade on Friday as the company’s third-quarter results missed Wall Street estimates.
Viasat posted revenue of $1.12 billion during the third quarter, missing consensus estimates of $1.13 billion, according to Stocktwits data.
The company also missed estimates on the earnings front – it posted a net loss per share of $1.23, higher than an estimated loss of $0.82 per share.
Its overall net loss ballooned to $158 million during the third quarter from $124 million during the same period last year. Viasat noted that this was due to a loss on the extinguishment of Inmarsat’s 2026 senior secured notes.
Further, Viasat also posted a 6% decline in revenue from its core communication services business due to a fall in revenue from maritime services.
It also received awards of $1.1 billion during the quarter, down 12% year-on-year.
Retail sentiment on Stocktwits around the Viasat stock stayed in the ‘bearish’ (43/100) territory, although message volume witnessed an increase.
One user posted on the platform that they’ve sold most of their position in the Viasat stock, reflecting a pessimistic outlook.
Another user thinks the company is in “trouble.”
Viasat’s share price has fallen more than 46% over the past six months and nearly 49% over the past year.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
