Revenue rose 5 percent but net income dipped for ViaSat Inc. when the electronics and communications company reported first-quarter earnings on Aug. 9.
Shares of ViaSat stock (Nasdaq: VSAT) closed at $74.98 at 4 p.m. New York time Aug. 9. They fell more than 3 percent to $72.50 in after-hours trading by 8 p.m. EDT.
After the closing bell, Carlsbad-based ViaSat reported net income of $1.9 million, or 4 cents per share, on revenue of $363.1 million. One year ago, ViaSat turned in earnings of $2.6 million, or a nickel per share, on revenue of $344.4 million.
Excluding one-time items, ViaSat had earnings of 23 cents per share.
The consensus opinion of seven analysts watching the stock had been 26 cents per share.
“Our financial results for the first quarter of fiscal 2017 show continued strong demand in satellite services and sustained growth in our government segment,” Mark Dankberg, the company’s chairman and CEO, said in a statement. “New aeronautical services contracts with American Airlines and the U.S. government highlight the unique and compelling competitive advantages of affordable, high-bandwidth mobility services.”
The business is investing in several new, high-capacity communications satellites. ViaSat also produces satellite hardware.