Eutelsat shares hit record low as falling broadcast sales weigh on earnings

Eutelsat Communications SA reported a half-year profit on Friday that missed estimates, hurt by lower broadcasting sales and higher costs as the world’s third-largest satellite operator continues its shift towards broadband and mobile.

The company’s shares fell as much as 7% to an all-time low of 6.59 euros.

Eutelsat, hit by Western sanctions on Moscow that last year made it suspend activities in Iran and partially in Russia, hopes to tap into growing demand for faster internet to offset a decline of its TV broadcast business.