On June 8, Viasat declined 5.07% in regular trading, trading at approximately $63.77/share, with trading volume of $32.67 million.
On the news front, the company's previously reported Q4 fiscal year revenue of $1.171 billion fell short of the market consensus estimate of $1.20 billion. Additionally, management issued conservative guidance for the next fiscal year, projecting only mid-single-digit revenue growth year-over-year and adjusted EBITDA to remain flat or increase marginally. Although the stock received a pre-market boost from Lockheed Martin selecting Viasat to provide a hybrid satellite communications platform for NOAA's next-generation hurricane hunter aircraft fleet, the earnings shortfall and cautious outlook continued to weigh on sentiment.
Prior to the earnings release, Viasat shares had rallied significantly on the back of the SwiftBroadband-Safety cockpit service installations surpassing the 1,000-aircraft milestone and a buy-initiation from New Street Research. With the revenue miss now confirmed, bullish momentum has faded and profit-taking pressure persists as investors unwind gains accumulated during the prior run-up.
(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.)
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