Eutelsat cuts annual outlook on OneWeb network delays

Eutelsat Group on Monday lowered revenue and earnings targets for its 2023-2024 financial year saying newly merged OneWeb’s low earth orbit (LEO) activities were running behind schedule, sending its shares lower.

The group, formed by the September merger of French satellite company Eutelsat with Britain’s OneWeb, said delays to its ground network would directly impact revenue but also margins as a bigger share of sales would come from user terminals than expected.

The merger aimed to create a new challenger in the satellite internet market to the likes of Elon Musk-owned SpaceX’s Starlink and Amazon’s Project Kuiper.