Globalstar shares are trading lower after the company reported worse-than-expected Q4 sales results and issued FY24 total revenue guidance below estimates.
Portfolio Pulse from Benzinga Newsdesk
Globalstar's stock is trading lower following the announcement of disappointing Q4 sales results and a forecast for FY24 total revenue that falls short of expectations.
February 28, 2024 | 6:45 pm
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NEGATIVE IMPACT
Globalstar's shares are down due to poor Q4 sales performance and a less optimistic revenue outlook for FY24 than analysts anticipated.
The negative impact on Globalstar's stock price is a direct result of the company's reported lower-than-expected Q4 sales results and its forecast for FY24 total revenue, which did not meet analysts' expectations. Such financial results typically lead to a loss of investor confidence and a decrease in stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100