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What: Shares of ViaSat (NASDAQ:VSAT) skyrocketed today by as much as 24% after the company reported earnings.

So what: Revenue in the quarter hit a new record at $286.4 million, which included $265.7 million in new contracts. Adjusted earnings per share came in at $0.04. On a GAAP basis, the company posted a net loss of $0.47 per share, mostly due to extinguishing debt.

Now what: CEO Mark Dankberg said the company gained momentum in its Exede satellite broadband service with net additions topping 50% sequentially. Following the results, Needham upgraded its rating on ViaSat from hold to buy, along with a $50 price target. The firm cites strong subscriber trends as evidence that ViaSat has overcome some of its operational hurdles while acknowledging that its biggest risk is losing subscriber additions from DISH Network, which is its dominant wholesale partner.

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