Stock Track | Iridium Stock Plunges Despite Strong Q3 Earnings and Bullish Outlook

Stock Track10-19

Shares of Iridium Communications Inc. (NASDAQ:IRDM) plummeted by 5.03% on October 18, 2024, despite the company reporting better-than-expected third-quarter earnings and raising its full-year guidance. Iridium, a leading provider of global satellite communications services, saw its stock close at $34.08 after the earnings release.

Iridium's Q3 2024 financial results painted a positive picture, with the company achieving record revenue of $212.8 million, up 7.7% year-over-year. The company reported a net income of $24.4 million, a significant improvement from the $1.64 million loss in the same quarter last year. Operational EBITDA hit a record $124.4 million, driven by the expansion in service revenue.

The company's growth was fueled by strong performance across its commercial and government segments. Commercial service revenue grew 6% to $133.3 million, with the Internet of Things (IoT) sector being a standout performer, registering a 14% increase in revenue. Iridium's subscriber base also continued to expand, reaching 2.48 million billable subscribers, an 11% year-over-year increase.

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(NASDAQ:IRDM) plummeted by 5.03% on October 18, 2024, despite the company reporting better-than-expected third-quarter earnings and raising its full-year guidance...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IRDM","symbol_name":"铱星通讯","start_time":0,"source_url":"","article_id":"1149023017","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1149023017","pubTimestamp":1729275647,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Iridium Communications Inc.  plummeted by 5.03% on October 18, 2024, despite the company reporting better-than-expected third-quarter earnings and raising its full-year guidance. 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