Iridium Communications Inc (IRDM)

Iridium Communications Stock (IRDM) dropped by 9.12% from $43.77 to $39.78 in the trading on Thursday October 19, 2023. The reason why IRDM stock down today is due to the Q3 FY23 results.

• Revenue growth of 7% Y/Y to $197.6 million, missing the consensus of $200.09 million.
• Operational EBITDA grew 12% Y/Y to $121.3 million in the quarter.
• Quarterly EPS loss of $(0.01) in Q3, missing the street view of EPS of $0.03. The net loss was primarily due to costs incurred related to the refinancing of Iridium's credit facility in Q3, which extends the maturity to September 2030 and reduces the interest rate.

IRDM's stock fell 15.64% after the company reported an apparently big earnings miss Tuesday morning. Analysts had forecast Iridium would earn $0.04 per share (pro forma) on sales of $198.4 million for the quarter. Iridium's actual Q2 results, however, show a loss of $0.24 per share under generally accepted accounting principles (GAAP), and sales of only $193.1 million.

https://www.fool.com/investing/2023/07/25/why-iridium-communications-stock-crashed-13-today/