Shares of Iridium Communications Inc. (NASDAQ: IRDM) surged nearly 6% in pre-market trading on Wednesday after the satellite communications company reported better-than-expected revenue for the third quarter of 2024.
Iridium posted Q3 2024 revenue of $212.771 million, exceeding analysts' estimates of $206.183 million. The company's revenue growth was driven by strong demand for its satellite-based communication services across various industries, including maritime, aviation, and government sectors.
However, the company's earnings per share (EPS) for the quarter came in at $0.21, in line with Wall Street expectations. Despite meeting earnings estimates, investors were encouraged by the company's top-line performance, leading to the pre-market surge in Iridium's stock price.
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