November 5, 2018 Viasat's Revenue Spikes, Driven Largely by Government Contracts
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Viasat powers onboard Wi-Fi for American Airlines, JetBlue, United Airlines and others. It serves nearly 900 aircraft today. An additional 859 planes are in the pipeline for antenna installation.
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While the malfunction cut into the satellite’s forecast capacity, ViaSat-2 is still the single most powerful Internet satellite in orbit — with about 260 gigabits per second of bandwidth.
The company has submitted $188 million in insurance claims — with about $45 million paid in the recent quarter. Viasat is using the proceeds to pay down debt.
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While it added just 7,000 new residential subscribers in the quarter, the company’s average revenue per subscriber grew 10 percent year over year.
Viasat ended the quarter with 585,000 Internet subscribers.
The company also is rolling out satellite Internet hot spots in towns in Mexico and Latin America, campgrounds in the U.S. and other hard-to-reach locales with spotty cellular and landline connectivity.
In addition, Viasat is expanding bandwidth services to businesses, and it won a Federal Communications Commission Connect America auction, where it could tap into $122.5 million in subsidies over 10 years to roll out broadband in hard-to-reach areas in 20 states.
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