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by IANS |
San Francisco, Nov 5 (IANS) Global communications company Viasat is laying off 800 employees, about 10 per cent of its workforce, and the impact will spread across the business in terms of geographies and divisions.
The layoffs came as the company is integrating the Inmarsat business post-acquisition, reports Satellite Today. Viasat closed the Inmarsat acquisition in May.
Post-layoffs, Viasat will still have global operations with a majority of its employees continuing to be located in the US and the UK.
“The changes we are announcing are consistent with our goals to focus our spending toward our biggest growth opportunities and position Viasat for long-term success, while expanding margins and profitability,” said Viasat President Guru Gowrappan.
“At the same time, the decision to reduce our workforce is a very difficult one, and not something we take lightly. We would like to express our gratitude to our departing colleagues for their dedication, hard work, and contributions, which have been integral to Viasat’s success story,” Gowrappan added.
The reduction will cost Viasat $45 million, which will be incurred predominantly in the second half of fiscal year 2024.
The company said this move will save $100 million in annual expenses, beginning in fiscal year 2025.
It will also help the company reach its fiscal year 2025 CapEx target of $1.4 billion to $1.5 billion, according to the report.
Last month, Viasat confirmed it is finalising insurance claims for both ViaSat-3 and the Inmarsat-6 F2, which suffered an anomaly with its power subsystem.
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