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Globalstar Announces Second Quarter 2021 Results – Consumer Electronics Net
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GSAT Stock Offers Cheap Exposure to the Satellite Communications Niche
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Globalstar (NYSEMKT:GSAT) stock dropped 8.1% through 1:35 p.m. EDT Friday, after the mobile satellite services provider released its fiscal Q1 2021 earnings report yesterday meeting on earnings but missing on revenue.
Heading into fiscal Q1 2021, analysts had predicted Globalstar would lose $0.02 per share and it did that. But analysts had thought the company would be able to do at least $32.2 million in revenue for the quarter, and that s where it fell short, reporting revenue of only $26.9 million.
Image source: Getty Images.
And yet, the news wasn t all bad.
As Globalstar explained, Total revenue for the first quarter of 2021 decreased 16% from the first quarter of 2020; however, this decline was due primarily to the timing of engineering service revenue. CEO Dave Kagan pointed out, both service and equipment revenue [were higher] than pre-pandemic levels in the first quarter of 2020, something that management did not expect to see happen until the sec
Mobile satellite and IoT service provider
Globalstar reported some small signs of recovery from COVID-19 during its first fiscal quarter of 2021 (Q121), particularly with commercial IoT equipment sales revenues and gross SPOT service activations.
The company’s total Q121 revenues declined 16% from the first quarter of 2020 to $26.9 million mostly due to lower service revenues. But, this was also offset partially by an increase in revenue generated from subscriber equipment sales, which increased from $3.2 million to $3.8 million during the quarter. Despite the decline in Globalstar’s SPOT service revenue in Q121, gross activations were up 14% from the first quarter of 2020 and up 15% over the last year, driven by the store re-openings in mid-2020 and increased online product distribution.
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