6 days ago
Starlink rival Eutelsat beats estimates on Ukraine boost, government demand
French satellite operator Eutelsat reported better than expected annual earnings on Tuesday, driven by growing interest in its satellite internet services from government and corporate customers.
Eutelsat gained the spotlight this year as European governments sought home-grown solutions for satellite services, aiming to reduce their reliance on US providers such as Elon Musk's Starlink.
Revenues from video, connectivity and government services reached €1.23bn (R25.59bn) in the year ended June 30, up 0.8% from a year earlier.
Financial analysts had expected the revenues to total €1.21bn (R25.18bn), according to a consensus poll provided by Eutelsat.
The Paris-based group hopes to offset declining income from its video business by gaining a foothold in the satellite internet market, where Starlink dominates.
However, CEO Jean-François Fallacher told reporters the company 'won't compete head-to-head with Starlink or Amazon's Kuiper in consumer markets', focusing instead on segments that make it competitive.
