By Don Nico Forbes
Shares in Iridium Communications rose after the company swung to profit in the third quarter, beating analyst expectations.
Shares were recently up nearly 16% at $34.96.
The satellite communications company swung to a profit of $24.4 million, or 21 cents a share, compared with a loss of $1.64 million, or 1 cent a share, in the year-prior period.
Analysts were expecting earnings per share of 20 cents, according to FactSet.
Revenue rose 8% to $212.8 million, boosted by higher commercial service revenue and government engineering revenue. Analysts were expecting revenue at $206.2 million.
Commercial service revenue rose 6% to $133.3 million, while total billable subscribers grew 11%.
Write to Don Nico Forbes at don.forbes@wsj.com
(END) Dow Jones Newswires
October 17, 2024 10:12 ET (14:12 GMT)
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