Globalstar Reports Impressive Q2 2024 Revenue Growth and Positive Outlook
Thursday, 8 August 2024, 15:19
Globalstar's Q2 Financial Results
In the fiscal second quarter of 2024, Globalstar, Inc. reported an impressive sales growth of 10% year-over-year, amounting to $60.4 million. This result exceeded the analysts' consensus estimate of $57.2 million.
Key Factors for Revenue Growth
- The increase in revenue is largely driven by a surge in service revenue.
- Mobile satellite connectivity services, particularly in cooperation with Apple Inc., have played a significant role in this growth.
Earnings Per Share (EPS) Report
- Globalstar reported an EPS loss of $(0.01), compared to the expected break-even consensus of $0.00.
- Despite the EPS loss, the company's stock price gained traction following the positive sales results.
Outlook and Future Plans
Globalstar has also revised its fiscal year 2024 outlook positively, indicating confidence in continued growth strategies, particularly through partnerships with Apple.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.