🛰 Eutelsat continues to lose revenue from TV
The satellite operator Eutelsat has reported a 2.2% decline in total revenue in Q1 to €293 million. The main reason for the drop is the Video segment (47% of revenue), whose revenue decreased by 10.5%.
The company noted that the decline in the Video segment is accelerating due to a general market downturn and, specifically, sanctions imposed against Russian TV channels. The expected effect from the sanctions will be about €16 million in the current financial year.
At the same time, the Connectivity (OneWeb) division demonstrated impressive growth. Revenue from LEO (Low Earth Orbit) satellites (OneWeb) grew by 70.7% compared to last year. The total revenue for the Connectivity segment increased by 8.6% to €149.4 million. Government services revenue grew by 18.5%.
The operator expects that revenue from OneWeb will grow by another 50% this year. In the long term, the company is betting on double-digit growth in the B2B connectivity market through LEO technology.
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