ViaSat stock price falls on United's new WiFi pact with rival Starlink
- by MarketWatch
- Sep 13, 2024
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Steve Gelsi
United Airlines Holdings Inc. said Friday it will offer free connectivity on its flights through an agreement with SpaceX’s Starlink satellite service.
After the announcement, shares of Starlink’s competitor, ViaSat Inc., fell about 14%.
United Airlines’ stock rose 2%.
“Everything you can do on the ground, you’ll soon be able to do onboard a United plane at 35,000 feet, just about anywhere in the world,” United Airlines Chief Executive Scott Kirby said in a statement.
While ViaSat will continue to be the market leader for the next five years given the slow-moving nature of the aviation industry, Starlink “is positioned to have the highest aviation market share over the next decade as this landmark deal [with UAL] will likely lead to other wins,” said William Blair analyst Louie DiPalma, in a research note.
United to offer free Starlink connectivity on flights. Satellite rival ViaSat’s stock is dropping.
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