AST SpaceMobile Stock Is Rising Tuesday: Here's What's Going On
Portfolio Pulse from Adam Eckert
AST SpaceMobile Inc (NASDAQ:ASTS) reported a Q2 earnings loss of 24 cents per share, missing estimates. The company raised up to $179 million in cash and liquidity during the quarter, ending with $191.5 million. AST SpaceMobile also announced that it received multiple indications of interest for strategic investment and that one of its subsidiaries secured a loan credit agreement of up to $100 million. The company's shares were up 7.31% following the announcement.
August 15, 2023 | 12:39 pm
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AST SpaceMobile's Q2 earnings missed estimates but the company secured a loan credit agreement of up to $100 million, which may have contributed to the rise in its share price.
AST SpaceMobile's Q2 earnings missed estimates, which would typically lead to a decrease in share price. However, the company's announcement of securing a loan credit agreement of up to $100 million and raising significant cash during the quarter may have offset the negative impact of the earnings miss, leading to a rise in its share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100