Viasat stock plunges after company discloses malfunction in new satellite
Publishing timestamp: 2023-07-12 18:38:05
Summary
Viasat's recently launched Viasat-3 Americas satellite communications satellite suffered a malfunction while deploying its reflector. The company is working to resolve the problem, but the stock dropped in after-hours trading. The reflector's manufacturer has not been disclosed, but it appears to match products offered by Northrop Grumman. Viasat may potentially reallocate one of its upcoming satellites to replace the malfunctioning one. If the satellite is lost, Viasat may trigger a $420 million claim.
Sentiment: NEGATIVE
Keywords: space industry, technology, breaking news: technology, northrop grumman corp, boeing co, breaking news: business, the edge, transportation, viasat inc, business, business news, aerospace and defense industry,
Source: https://www.cnbc.com/2023/07/12/viasat-stock-drops-after-satellite-malfunction.html