Viasat revenue grows

Viasat reported a jump in quarterly revenue Wednesday, as the company continues to investigate its recent satellite malfunction and explores options to make up for some of the service it expected to add this year.

The company, which reported fiscal 2024 first-quarter results, wrote in a letter to shareholders that the problem with the ViaSat-3 Americas communications satellite disclosed last month “creates unanticipated challenges that we are already addressing.”

“We are currently working closely with our antenna supplier to assess the status of the antenna,” Viasat Chairman and CEO Mark Dankberg and President K. Guru Gowrappan wrote in the letter.

Dankberg added on the company’s earnings call that Viasat expects to give an update on “corrective actions” for the the satellite at the end of its second quarter. Viasat has approximately $420 million in insurance on the malfunctioning satellite, “which is nearly half of the net book value” of ViaSat-3 Americas, putting its value at about $750 million.

Viasat stock rose about 3% in after-hours trading from its close at $28.20 a share. CNBC