Shares of cellphone-to-cellphone-via-satellite company AST SpaceMobile (NASDAQ: ASTS) popped 5.5% through 10 a.m. ET on Tuesday morning despite the company reporting disappointing earnings results for its fiscal second quarter 2023.

Analysts had forecast the company, which is building a satellite constellation to permit ordinary, store-bought cellphones to call each other around the globe without the need for cell towers, would lose $0.19 per share on zero revenue this past quarter. Analysts got the revenue number right -- AST didn't have any. But they were overly optimistic about the company's losses.  

AST SpaceMobile actually lost $0.24 per share.

Continue reading

Source Fool.com