Telesat stock surges 50% after satellite internet company swaps suppliers to save $2 billion
Publishing timestamp: 2023-08-11 14:55:13
Summary
Telesat's stock surged after the company announced that it would be changing suppliers for its Lightspeed global internet network. Canadian space company MDA will now build the Lightspeed satellites instead of Thales Alenia Space, resulting in cost savings of about $2 billion. Telesat expects to begin launching the satellites in mid-2026 and the full network will consist of 198 satellites. The company's CEO emphasized that Lightspeed is not intended to compete with SpaceX's Starlink or Amazon's Kuiper, but rather focus on enterprise customers and government and commercial markets. Telesat also reported its second-quarter results, including a decrease in revenue but a significant increase in net income due to a payment from the FCC. The company reaffirmed its revenue guidance for 2023.
Sentiment: POSITIVE
Keywords: aerospace and defense industry, breaking news: business, business, the edge, space industry, earnings, telesat corp, breaking news: technology, business news, amazon.com inc, technology, transportation,
Source: https://www.cnbc.com/2023/08/11/telesat-swaps-internet-satellite-suppliers-to-save-2-billion.html