Gilat Satellite Networks Posts Q3 Profit Leap, Tightens Revenue Forecast
Portfolio Pulse from Anusuya Lahiri
Gilat Satellite Networks Ltd reported Q3 FY23 revenue growth of 6% YoY to $63.9 million, missing the consensus of $67.9 million. Adjusted operating income was $6.1 million, up from $2.4 million a year ago. The company tightened its FY23 revenue forecast to $265 million-$275 million and raised operating income guidance to $29 million-$31 million. GILT shares were down 8.1% following the announcement.
November 07, 2023 | 4:32 pm
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Gilat's Q3 revenue missed expectations but profitability improved. The company tightened its FY23 revenue forecast and raised operating income guidance. GILT shares fell 8.1% after the announcement.
Gilat's Q3 revenue fell short of expectations, which likely contributed to the drop in its share price. However, the company's improved profitability and raised operating income guidance may help to offset some of the negative sentiment. The tightening of its FY23 revenue forecast indicates a more certain outlook, which could be viewed positively by investors.
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