Globalstar Stock Falls 11% After 4Q Results, Investment Plans

Dow Jones02-29

By Will Feuer

Shares of Globalstar fell after the satellite company reported fourth-quarter results and warned that investments it is making into the company will weigh on margins in the short term.

The stock slid nearly 11% to $1.55 on Wednesday. Shares are still up more than 21% from a year ago.

The company reported fourth-quarter revenue of $52.4 million, up 27% from a year earlier, and is targeting 2024 revenue of $225 million to $250 million, up from $223.8 million last year.

The company recently hired Paul Jacobs, the former chief executive of Qualcomm, and agreed to pay stock to his startup, Xcom, as a licensing fee to use its technology, which is focused on boosting the capacity of wireless spectrum.

Chief Financial Officer Rebecca Clary told analysts on a conference call that the company is investing in the company for growth.

"With that investment comes a short-term margin impact, but over time, we believe will drive new and complementary revenue sources, making the investment well worth it," she said.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

February 28, 2024 11:48 ET (16:48 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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