Viasat is laying off 800 employees, which is about 10 percent of its workforce. The company said the move will save $100 million in annual expenses starting fiscal year 2025.
Viasat layoffs: Global telecom company Viasat is laying off 800 employees, which is about 10 percent of its workforce. According to the report of Satellite Today, this layoff happened when the company is integrating Inmarsat business after the acquisition. Viasat closed the Inmarsat acquisition in May.
Following the layoffs, Viasat’s operations will still remain global and the majority of its employees will be based in the US and UK. The changes we are announcing focus our spending toward our greatest growth opportunities and position Viasat for long-term success while expanding margins and profitability,” said Viasat Chairman Guru Gourapan. Are in line with our goals.
100 million dollar savings from layoffs
At the same time, the decision to reduce our workforce is a very difficult one and not something we take lightly, Gaurappan said. We would like to express our gratitude to our departed colleagues for their dedication, hard work and contributions who were an integral part of Viasat’s success story.
This reduction will cost Viasat $45 million, which will be spent primarily in the second half of fiscal year 2024. The company said the move will save $100 million in annual expenses starting fiscal year 2025.
According to the report, this will also help the company reach its fiscal year 2025 capex target of $1.4 billion to $1.5 billion. Last month, Viasat confirmed that it was finalizing insurance claims for both Viasat-3 and Inmarsat-6 F2, which had an anomaly in its power subsystem.
