Telesat reduces number of satellites planned for Lightspeed, announces Q1 revenue down 3%

OTTAWA – Telesat today announced its first quarter 2022 financial results, which shows consolidated revenue decreased 3% to $186 million compared to the same period in 2021. “When adjusted for changes in foreign exchange rates, revenue declined 2% ($4 million) compared to 2021,” a press release explains. “The revenue decrease was primarily due to a reduction of service for one of Telesat’s North American direct-to-home customers, termination and reductions on contract renewal of certain services and a decrease in equipment sales to Canadian government customers, partially offset by increased services provided to customers in the mobility market as it continues...