Apple's Satellite Connectivity Provider Globalstar's Q2 Revenue Grows 10% On Wholesale Capacity Surge, Hikes FY24 Outlook
Portfolio Pulse from Anusuya Lahiri
Globalstar, Inc (NYSE: GSAT) reported a 10% increase in Q2 2024 revenue to $60.4 million, beating analyst estimates. The company also raised its FY24 revenue outlook. Despite a net loss, the stock price gained due to strong service revenue growth and a 20% increase in Adjusted EBITDA.
August 08, 2024 | 3:19 pm
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Apple's satellite connectivity provider, Globalstar, reported strong Q2 2024 results, which could positively reflect on Apple's satellite messaging feature in iOS 18.
Globalstar's strong performance and its role as Apple's satellite connectivity provider could positively impact Apple's satellite messaging feature in iOS 18, reflecting well on Apple's ecosystem.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Globalstar reported a 10% increase in Q2 2024 revenue to $60.4 million, beating analyst estimates. The company also raised its FY24 revenue outlook. Despite a net loss, the stock price gained due to strong service revenue growth and a 20% increase in Adjusted EBITDA.
The 10% revenue growth and beating of analyst estimates are positive indicators. The raised FY24 outlook and 20% increase in Adjusted EBITDA further support a positive short-term impact on the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100