VSAT - Why Viasat Stock Just Crashed 15%
2024-05-22 12:34:46 ET
Shares of Viasat (NASDAQ: VSAT) fell 14.6% through 11:10 a.m. ET this morning despite beating forecasts in its fiscal fourth-quarter 2024 earnings report.
Heading into earnings, analysts were feeling pretty pessimistic about Viasat, forecasting that the satellite communications company would lose $0.63 per share on just under $1.1 billion in quarterly sales. But it surprised to the upside last night, losing only $0.24 per share, and scoring sales of about $1.15 billion.
That's the good news. Now here's the bad: $0.24 per share was only Viasat's loss when adjusted for one-time items. Its loss when calculated according to generally accepted accounting principles ( GAAP ) was much steeper -- $0.80 per share -- and quite a comedown from the $15.54 per share in profit reported a year ago. The loss was despite revenue growing 73% thanks to the acquisition of Inmarsat.
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Why Viasat Stock Just Crashed 15%