Why Iridium Communications Stock Rocketed 9% on Tuesday

Shares of Iridium Communications (NASDAQ: IRDM) were up 9% on Tuesday. The satellite communications company -- the first to offer internet and voice service that covers 100% of the globe -- reported better-than-expected second-quarter 2021 earnings and a solid outlook for the remainder of the year.

Iridium reported a total revenue increase of 7% in the second quarter to $150 million, driven by a 7% increase in services (subscriptions to its global voice and data service) to $121 million. As a result, net income swung positive to $3.8 million, compared to a net loss of $12.3 million for the same period in 2020.

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Source Fool.com