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Intelsat’s North America headquarters. Photo: Intelsat
Intelsat turned in its first year-over-year double-digit revenue increase in at least eight years, thanks to contributions from its recently acquired Gogo Commercial Aviation business. The satellite operator’s first fiscal quarter 2021 revenues were $502.8 million an increase of $43.9 million (0r 10%) from Q1 2020.
The operator also cut its total quarterly net losses from $218.8 million in Q1 2020 to $174.9 million for the three-month period that ended March 31.
Intelsat completed its $400 million cash acquisition of Gogo Commercial Aviation in December and transformed it into a business unit under its Network Services division, which delivered $214 million in Q1 revenue. This represents a 43% year-over-year increase for the division and makes Network Services Intelsat’s largest and most profitable business unit, surpassing the Media unit.