Eutelsat's Orbit of Success: Riding the Satellite Internet Wave

Eutelsat, a key player in the satellite industry, announced stronger-than-anticipated annual earnings, reflecting increasing demand for its internet services among governments and corporations. This demand has propelled the company to the forefront, as European states look to minimize dependency on American satellite providers.

The company's revenue for the year ending June 30 was recorded at 1.24 billion euros, marking a 0.8% increase. Financial analysts had projected revenues of 1.21 billion euros. Eutelsat is leveraging this momentum to counterbalance a decline in its video segment by penetrating the competitive satellite internet arena, primarily dominated by SpaceX's Starlink.

Notably, revenues from Eutelsat's low Earth orbit satellites saw an 84.1% rise to 187 million euros, reflecting service demands from regions like Ukraine and further afield. Despite the impressive growth, the decline from traditional services, impacted by additional Russian sanctions, remains a challenge Eutelsat plans to address by focusing on its satellite internet offerings.

(With inputs from agencies.)