Viasat stock has worst day ever after new satellite malfunctions
[ad_1]
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 spokespe