Why AST SpaceMobile Stock Plunged Today
Shares of AST SpaceMobile (NASDAQ: ASTS) fell 23.6% on Tuesday after the satellite designer and manufacturer announced another delay in the launch of its first commercial satellites along with its fourth-quarter 2023 results.
In its fourth-quarter earnings press release after the market closed last night, AST SpaceMobile revealed that its first five 700-square-foot Block 1 BlueBird commercial satellites are now expected to be transported from its assembly facilities to a SpaceX launch site between July and August 2024.
Initially, SpaceX was scheduled to fly those satellites on a Falcon 9 rocket in 2023 before supply chain issues impacted the timeline. The company subsequently pushed the expected launch into the first quarter of 2024, then to the second quarter, and now into the third quarter of 2024 -- understandably trying investors' patience in the process.
Source Fool.com
