Shares of KVH Industries took a hit on Wednesday as the company revised its full-year revenue guidance downwards due to disappointing second-quarter sales. The stock saw a significant drop of 31%, falling to $6.01 and hitting a 52-week low of $5.85. This decline adds to a year-to-date decrease of 41%.
The maritime communications company, based in Middletown, R.I., now anticipates full-year revenue in the range of $133 million to $139 million, which is lower than the previously projected range of $145 million to $155 million.
In the second quarter, KVH reported a profit of $925,000, or 5 cents per share, compared to a loss of $1.44 million, or 1 cent per share, in the same period last year. However, the company’s net sales experienced a slight decline of 1% to $34.17 million.
KVH attributes these challenges to competition in LEO satellite communications and a shift among consumers from satellite TV to streaming content. Despite these headwinds, the company remains committed to finding solutions and adapting to the changing landscape.
