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
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-02-23 0846ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks