Iridium Communications Q2 Revenue Misses Estimates Despite Double-Digit Subscriber Growth
Portfolio Pulse from Nabaparna Bhattacharya
Iridium Communications Inc reported Q2 FY23 revenue growth of 10.4% YoY to $193.11 million, missing the consensus of $198.42 million. The company registered a quarterly EPS loss ($0.24) in Q2, primarily due to the write-off of Iridium's remaining ground spare satellite. Total billable subscribers rose 14% YoY to 2.14 million, driven by growth in commercial IoT customers. The company reiterated its full-year 2023 outlook, expecting total service revenue growth between 9% and 11%, with OEBITDA of $455 million - $465 million.
July 25, 2023 | 3:50 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Iridium Communications reported lower than expected Q2 revenue and EPS, causing its stock price to drop.
Iridium Communications reported a Q2 revenue of $193.11 million, missing the consensus of $198.42 million, and a quarterly EPS loss of $0.24, missing the street view of $0.04. This negative financial performance is likely to have a negative impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100