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DigitalGlobe stock falls after revenues miss
Posted: Sat, Mar 1, 2014, 9:29 AM ET (1429 GMT) Commercial remote sensing company DigitalGlobe saw its stock price plummet by 25 percent after reporting revenues below earlier projections. The company said it had revenues of $615 million in 2013, compared to $635 million it had projected for the year back in November. The company said it's also expecting lower revenue in 2014: $645 million versus earlier projections of $699 million. The company said emerging competition from Airbus Defence and Space, and a 2.5-month delay in the launch of the company's newest satellite, WorldView-3, now slated for mid-August, caused the depressed earnings. That caused the company's price to tumble by about 25% during trading Wednesday, rebounding little since then. DigitalGlobe also announced the acquisition of Spatial Energy, a company that converts satellite imagery into value-added products for the oil and gas industry.
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