Viasat stock has worst day ever after new satellite malfunctions

Viasat stock has worst day ever after new satellite malfunctions

Credit Cards





Credit Monitoring

Personal Finance

Small Business


Help for Low Credit Scores



All Credit Cards

Find the Credit Card for You

Best Credit Cards

Best Rewards Credit Cards

Best Travel Credit Cards

Best 0% APR Credit Cards

Best Balance Transfer Credit Cards

Best Cash Back Credit Cards

Best Credit Card Welcome Bonuses

Best Credit Cards to Build Credit


All Loans

Find the Best Personal Loan for You

Best Personal Loans

Best Debt Consolidation Loans

Best Loans to Refinance Credit Card Debt

Best Loans with Fast Funding

Best Small Personal Loans

Best Large Personal Loans

Best Personal Loans to Apply Online

Best Student Loan Refinance


All Banking

Find the Savings Account for You

Best High Yield Savings Accounts

Best Big Bank Savings Accounts

Best Big Bank Checking Accounts

Best No Fee Checking Accounts

No Overdraft Fee Checking Accounts

Best Checking Account Bonuses

Best Money Market Accounts

Best CDs

Best Credit Unions


All Mortgages

Best Mortgages

Best Mortgages for Small Down Payment

Best Mortgages for No Down Payment

Best Mortgages with No Origination Fee

Best Mortgages for Average Credit Score

Adjustable Rate Mortgages

Affording a Mortgage


All Insurance

Best Life Insurance

Best Homeowners Insurance

Best Renters Insurance

Best Car Insurance

Travel Insurance


All Credit Monitoring

Best Credit Monitoring Services

Best Identity Theft Protection

How to Boost Your Credit Score

Credit Repair Services


All Personal Finance

Best Budgeting Apps

Best Expense Tracker Apps

Best Money Transfer Apps

Best Resale Apps and Sites

Buy Now Pay Later (BNPL) Apps

Best Debt Relief


All Small Business

Best Small Business Savings Accounts

Best Small Business Checking Accounts

Best Credit Cards for Small Business

Best Small Business Loans

Best Tax Software for Small Business


All Taxes

Best Tax Software

Best Tax Software for Small Businesses

Tax Refunds


All Help for Low Credit Scores

Best Credit Cards for Bad Credit

Best Personal Loans for Bad Credit

Best Debt Consolidation Loans for Bad Credit

Personal Loans if You Don't Have Credit

Best Credit Cards for Building Credit

Personal Loans for 580 Credit Score or Lower

Personal Loans for 670 Credit Score or Lower

Best Mortgages for Bad Credit

Best Hardship Loans

How to Boost Your Credit Score


All Investing

Best IRA Accounts

Best Roth IRA Accounts

Best Investing Apps

Best Free Stock Trading Platforms

Best Robo-Advisors

Index Funds

Mutual Funds



In this article

Viasat's stock plummeted in trading on Thursday after the company disclosed its most recently launched communications satellite suffered a malfunction.

The Carlsbad, California-based company on Wednesday said an unexpected event occurred while deploying the reflector of its Viasat-3 Americas satellite that may materially impact performance. The satellite launched successfully in April on SpaceX's Falcon Heavy rocket.

We're disappointed by the recent developments, Viasat CEO Mark Dankberg said in a statement.

Shares of Viasat fell 28.5% on Thursday to close at $30.74 a share, its biggest one-day loss since going public in December 1996.

Sign up here to receive weekly editions of CNBC's Investing in Space newsletter.

Viasat did not disclose the identity of the reflector's manufacturer in its release. Dankberg said his company is working closely with the manufacturer to resolve the problem. A Viasat spokesperson confirmed to CNBC that the manufacturer is a top aerospace and defense company – but noted that it is not Boeing, which built the 702MP+ bus that is the spacecraft's structure and power.

The design of the reflector on the Viasat-3 Americas satellite appear to match the AstroMesh line of reflectors that Northrop Grumman advertises. Additionally, Viasat has said the long boom arm that supports the reflector is a direct derivative of the telescoping booms that Northrop Grumman built for NASA's James Webb Space Telescope.

Viasat has previously thanked both Boeing and Northrop Grumman as part of its combined team behind the Viasat-3 Americas satellite.

Northrop Grumman did not immediately respond to CNBC's request for comment.

Viasat emphasized that there is no disruption for existing customers due to the incident, with the company having 12 other satellites in service.

The Viasat-3 Americas satellite is the first of a trio of satellites the company has long expected to bolster its broadband business. In a press release Wednesday, Viasat noted it may potentially reallocate one of its upcoming two ViaSat-3 satellites, which are set to serve EMEA (Europe, the Middle East, and Africa) and APAC (Asia-Pacific), to replace the malfunctioning satellite that was launched to serve North and South America.

Industry publication SpaceIntelReport noted that, if the satellite is lost, Viasat may trigger a $420 million claim. A space insurance underwriter described the situation to CNBC as a market changing event for the sector.

Got a confidential news tip? We want to hear from you.

Sign up for free newsletters and get more CNBC delivered to your inbox

Get this delivered to your inbox, and more info about our products and services.

© 2023 CNBC LLC. All Rights Reserved. A Division of NBCUniversal

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Data also provided by