ViaSat, a well-known direct broadcast satellite television broadcaster and pay TV operator, is happy to announce that the company’s shares increased by 24 percent after it reported sales and earnings that are even better than expected for the third quarter. For this period, ViaSat reached a revenue worth $286.4 million -- going past the $265.7 million predicted by experts.
Aside from the boom in earnings, the company also reported profits worth $1.8 million, which contradicts analysts who had forecasted a loss in earnings for the quarter. As a result, Needham & Co. raised ViaSat’s rating from “hold” to “buy.” On Thursday, the company’s shares rose from $9.55 to close at $49.29 on the Nasdaq.
ViaSat’s winnings mostly came from its defense and satellite broadband businesses. Its satellite Internet business wrapped up the quarter with $38,000 more subscribers compared to the previous quarter. Most of the increase was attributed to the distribution offer with DirecTV.
The company ended the quarter with a backlog of $939 million -- $364 million more than the same quarter of 2012.
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