MW Globalstar stock rockets after report says Apple could add satellite communications to next iPhone
Shares of Globalstar Inc. $(GSAT)$ are up 49% in Monday morning trading after a report indicated that Apple Inc. $(AAPL)$may be looking to add satellite communications to its next iPhone and could work with Globalstar to do so. MacRumors cites a report from analyst Ming-Chi Kuo saying that Apple's iPhone 13 will offer low-earth orbit $(LEO)$ satellite communications that will let users send messages or make calls even if they don't have 4G or 5G cellular connections. The iPhone 13 will have a custom Qualcomm Inc. $(QCOM)$ chip that supports satellite communications, per the report. Globalstar declined to comment on the report. Apple didn't immediately respond to MarketWatch's request for comment. Globalstar shares have increased 530% over the past 12 months as the S&P 500 has risen 29%.
-Emily Bary
$(END)$ Dow Jones Newswires
August 30, 2021 10:39 ET (14:39 GMT)
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