Viasat shares rally after strong Q1 results

ViaSat

08/08/2024 17:58

** Shares of Viasat  VSAT.O  are up 40% at $24.65 on Thurs
after the communications company's quarterly results beat
analyst estimates
    ** VSAT shares are on track for the biggest daily pct gain
on record although they are still down ~11% YTD
    ** Co reported late on Wed that Q1 rev jumped 44% to $1.13
bln, ahead of Wall Street estimates, while adj earnings per
share was 30 cents compared with mean analyst expectations of a
per share loss of 46 cents
    ** VSAT raised revenue growth forecast for fiscal 2025 amid
demand for its in-flight connectivity and data encryption
products and services to enterprise and government customers
    ** Among the 9 analysts that cover VSAT, median PT is $27
and avg rating is "buy", per LSEG data

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))