By Sabela Ojea
Shares of Gilat Satellite Networks on Wednesday fell after the telecommunications company cut the top end of its outlook for the year on lower-than-expected revenue in the third quarter.
The stock was down 10% to $5.07 in midday trading, on pace for the largest percent decrease since Feb. 2021. Shares have dropped 17% since the beginning of the year.
The company said it now forecasts 2024 revenue of $305 million to $315 million compared with a prior outlook range of $305 million to $325 million. Analysts polled by FactSet forecast revenue of $330.9 million.
The company's outlook comes as it reports a drop in profit for the latest quarter.
Gilat Satellite posted a net income of $6.82 million, or 12 cents a share, compared with $10.2 million, or 18 cents a share, for the same period a year earlier.
Quarterly revenue rose to $74.6 million from $63.9 million a year earlier, but missed analysts expectations of $76.8 million, according to FactSet.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 13, 2024 12:20 ET (17:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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