Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global satellite communications services, reported robust financial results for the third quarter of 2024, surpassing analysts' expectations.

The company's revenue for the quarter reached $212.8 million, outperforming the estimated $206.2 million. Iridium's earnings per share (EPS) stood at $0.21, beating the consensus forecast of $0.19. This solid performance marked a significant turnaround from the previous year's third-quarter net loss of $0.01 per share.

The strong revenue growth was primarily driven by a 5% year-over-year increase in total service revenue, which reached $159.9 million. This growth was fueled by robust demand for commercial IoT data and voice/data services, as well as the successful launch of the company's new Iridium Certus broadband service.

Iridium's commercial service revenue climbed 6% to $133.3 million, reflecting the company's expanding subscriber base, particularly in the IoT data segment. The number of IoT data subscribers surged 14% from the year-ago period, reaching 1.9 million customers. Additionally, government service revenue remained steady at $26.5 million.

Encouraged by the strong performance, Iridium raised its full-year 2024 OEBITDA guidance to a range of $465 million to $470 million, up from its previous forecast of $460 million to $470 million. The company expects total service revenue growth of approximately 5% for the full year, exceeding the 2023 figure of $584.5 million.