Iridium Surges On Strong Subscriber Growth: 'We Plan To Continue Being Aggressive,' CEO Says
Portfolio Pulse from Nabaparna Bhattacharya
Iridium Communications Inc (NASDAQ:IRDM) shares surged after reporting strong Q2 earnings of 27 cents per share, beating expectations. Despite missing sales estimates, the company saw a 13% year-over-year growth in billable subscribers, driven by commercial IoT. Iridium plans to continue aggressive shareholder-friendly activities in 2024.
July 23, 2024 | 2:35 pm
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Iridium Communications Inc (NASDAQ:IRDM) reported strong Q2 earnings of 27 cents per share, beating expectations. Despite missing sales estimates, the company saw a 13% year-over-year growth in billable subscribers, driven by commercial IoT. Shares surged 9.49% as the company plans aggressive shareholder-friendly activities in 2024.
The strong Q2 earnings beat and significant growth in billable subscribers are positive indicators for Iridium. The company's plans for aggressive shareholder-friendly activities further boost investor confidence, leading to a 9.49% increase in share price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100