Movement Alert|Viasat Falls 5.45% in Regular Trading, Earnings Miss Continues to Weigh as Communication Equipment Sector Slides

Market Focus06-10 00:19

On June 10, Viasat fell 5.45% in regular trading, trading at $61.61/share, with trading volume of $58.17 million. The decline reflects continued fallout from the company's fourth fiscal quarter revenue miss and broad weakness across the communication equipment sector.

Viasat reported Q4 revenue of $1.171 billion, falling short of the $1.20 billion consensus estimate. The company also issued conservative full-year guidance projecting only mid-single-digit revenue growth and flat-to-slightly-higher adjusted EBITDA. Although the company was recently selected by Lockheed Martin to provide a hybrid satellite communications platform for NOAA's next-generation aircraft program, the resulting stock bounce failed to sustain momentum as bulls continued to exit positions built during the prior rally driven by SwiftBroadband-Safety milestones and analyst upgrades.

At the industry level, the communication equipment sector experienced broad-based selling pressure. Among sector peers, Applied Optoelectronics fell 16.76%, Lumentum fell 11.43%, Ciena fell 9.0%, Nokia fell 8.4%, and Cisco fell 4.65%, amplifying downward pressure on Viasat through sector-wide correlation.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment