Why Globalstar Stock Popped 14% Today
Shares of satellite communications company Globalstar (NYSEMKT: GSAT) closed 14.3% higher Friday after meeting earnings expectations for fiscal third quarter 2020. Analysts had predicted that Globalstar would lose about $0.01 per share in Q3 -- and that's precisely what Globalstar did, reporting $0.01 per share in net losses (flat against last year) on $32.8 million in sales (down 15%).
Globalstar blamed "the lingering impact of the oil and gas industry downturn" and "a decline in subscriber-driven revenue streams" for its sales decline but insisted that it still sees opportunities in providing satellite-borne Internet of Things connectivity, "as well as emergency messaging and tracking for both consumers and enterprises."
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Source Fool.com
