Why Iridium Communications Shares Are Trading Lower Today
Portfolio Pulse from Lekha Gupta
Iridium Communications Inc (NASDAQ:IRDM) shares are trading lower by around 6% after the company reported Q3 FY23 results. The company reported revenue growth of 7% Y/Y to $197.6 million, missing the consensus of $200.09 million. The company registered a quarterly EPS loss of $(0.01) in Q3, missing the street view of EPS of $0.03. The net loss was primarily due to costs incurred related to the refinancing of Iridium's credit facility in Q3. The company revised its outlook for total service revenue growth to 10% and OEBITDA of $460 million-$465 million.
October 19, 2023 | 2:10 pm
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Iridium Communications reported lower than expected Q3 FY23 results, leading to a 6% drop in share price. The company also revised its outlook for total service revenue growth.
Iridium Communications reported lower than expected Q3 FY23 results, which has led to a decrease in the company's share price. The company's revenue growth and EPS both missed consensus estimates, which is likely to negatively impact investor sentiment. Additionally, the company revised its outlook for total service revenue growth, which could further impact the stock price.
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