Viasat to cut 800 jobs to save $100 million a year as it integrates recently acquired Inmarsat

Viasat Inc. (VSAT) said Thursday that it will cut about 800 jobs, or 10% of its workforce, which is expected to save the communications satellite company about $100 million a year. The jobs cuts will be spread across the business divisions and geographies, and comes as the company continues to integrate Inmarsat, the acquisition of which closed on May 31. "The changes we are announcing today are consistent with our goals to focus our spending toward our biggest growth opportunities and position Viasat for long-term success, while expanding margins and profitability," said Viasat President Guru Gowrappan. The company expects to record charges of $45 million as a result of the cuts, which will mostly be incurred in the second half of 2024. Viasat's stock, which was indicated up more than 1% in the premarket, has tumbled 40.2% over the past three months while the S&P 500 has slipped 6.1%.

-Tomi Kilgore

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11-02-23 0846ET

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