Iridium's Q3 Revenue Soars 8%, FY24 Outlook Brightens As Subscriber Base Expands

Iridium Communications Inc. (NASDAQ:IRDM) shares are trading higher after the company reported better-than-expected third-quarter revenue results and revised its FY24 OEBITDA guidance.

The company reported earnings per share of 21 cents, in line with the consensus estimate. Quarterly sales of $212.77 million beat the street view of $206.18 million.

Overall, total revenue increased by 8% compared to the same period in 2023, driven largely by higher commercial service revenue and government engineering revenue.

The company reported $159.9 million in service revenue and $52.9 million from equipment sales and engineering support projects.

Service revenue, primarily recurring income from Iridium’s expanding subscriber base, grew 5% year-over-year, accounting for 75% of total revenue in ...