Globalstar Reports Impressive Q2 2024 Revenue Growth and Positive Outlook

Thursday, 8 August 2024, 15:19

Globalstar, Inc. has announced a fiscal second-quarter 2024 revenue increase of 10% year-over-year, reaching $60.4 million, surpassing analysts' expectations. The revenue spike is attributed to higher service income related to mobile satellite connectivity for Apple devices. Despite a slight EPS loss of $(0.01), the company's stock has seen a positive surge following the favorable results. Globalstar's partnership with Apple continues to drive growth as they enhance connectivity features with iOS developments.
Yahoo Finance
Globalstar Reports Impressive Q2 2024 Revenue Growth and Positive Outlook

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

  1. Globalstar reported an EPS loss of $(0.01), compared to the expected break-even consensus of $0.00.
  2. 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.


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