Stock Track | Globalstar Soars 7.17% as Apple Continues to Expand Satellite Services

Stock Track11-10

Globalstar (NYSE: GSAT) saw its stock price surge 7.17% in Sunday's trading session, as investors reacted positively to news of Apple's ongoing expansion of its satellite connectivity services. The jump comes as Apple, which uses Globalstar's satellite network for its emergency SOS and other satellite-based features, continues to develop new capabilities for its devices.

According to a recent report by Bloomberg's Mark Gurman, Apple has been working on satellite connectivity for nearly a decade and is now expanding its offerings beyond the initial Emergency SOS via Satellite feature launched with the iPhone 14 in 2022. The tech giant has since added roadside assistance via AAA for stranded drivers and recently enabled users to send and receive text messages in remote locations. These services rely on Globalstar's satellite network, positioning the company as a key partner in Apple's long-term satellite strategy.

Investors appear to be betting on Globalstar's potential for growth as Apple continues to innovate in the satellite connectivity space. The report suggests that Apple is developing additional features, including a satellite framework for third-party apps, satellite-powered maps, and enhanced messaging capabilities. As Apple's satellite service provider, Globalstar stands to benefit from these developments, potentially leading to increased revenue and market share in the rapidly evolving satellite communications industry.

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