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I Consent Skip to main contentEnable accessibility for visually impairedOpen the accessibility menu Open the Accessible Navigation Menu * * * * * * Subscribe for Free * * * * * * Subscribe for Free IRIDIUM REVENUE UP IN Q3, BUT STOCK PRICE IS DOWN DUE TO QUALCOMM FRUSTRATION, ANALYST NOTES - VIA SATELLITE LATEST NEWS SPACE EXPLORATION November 27, 2023 AXIOM SPACE MIGRATES IT INFRASTRUCTURE TO AWS LAUNCH November 27, 2023 GERMAN LAUNCHER RFA SECURES CUSTOMERS FOR SECOND TEST FLIGHT MOBILITY November 27, 2023 UNIO REPORTS CONNECTED VEHICLE DEMO WITH 5G AND SATELLITE CYBERSECURITY November 27, 2023 IEC TELECOM RELEASES NEW CYBER SOLUTION TARGETING SHIPPING CUSTOMERS MOBILITY November 22, 2023 INTELSAT WINS IFC DEAL WITH AEROLÍNEAS ARGENTINAS GOVERNMENT/MILITARY November 22, 2023 UK SPACE AGENCY INVESTS $59M ACROSS 12 SPACE PROJECTS IMAGERY AND SENSING November 22, 2023 NOAA GRANTS SATELLOGIC REMOTE SENSING LICENSE AS COMPANY LOOKS TO BOOST US BUSINESS BROADBAND November 21, 2023 EUTELSAT ONEWEB RECEIVES MARKET ACCESS IN INDIA IMAGERY AND SENSING November 21, 2023 UK LOOKS TO JOIN THE ATLANTIC CONSTELLATION WITH OPEN COSMOS SATELLITE TECHNOLOGY November 21, 2023 TNO AND AIRBUS TO BUILD OPTICAL GROUND STATION FOR EUROPE’S EAGLE-1 QUANTUM MISSION GOVERNMENT/MILITARY November 21, 2023 COBHAM SATCOM WINS CONTRACT TO PROVIDE MULTI-BAND ANTENNAS FOR US DOD BUSINESS November 20, 2023 TELENOR IS SELLING ITS SATELLITE SUBSIDIARY TO SPACE NORWAY TECHNOLOGY November 20, 2023 TOTOTHEO MARITIME HITS 1,000 FLEET XPRESS INSTALLS BUSINESS November 20, 2023 INTELLIAN EXPANDS TO THE MIDDLE EAST BROADBAND November 17, 2023 ORANGE LAUNCHES SATELLITE BROADBAND IN FRANCE BROADBAND November 17, 2023 PHILIPPINES ORDERS ANOTHER SATELLITE FROM ASTRANIS MANUFACTURE November 17, 2023 MDA STARTS WORK ON NEW CONSTELLATION FOR UNDISCLOSED CUSTOMER BUSINESS November 17, 2023 AST SPACEMOBILE NEARS Q1 LAUNCH DATE, WORKS TO CLOSE STRATEGIC INVESTMENT BROADBAND November 16, 2023 HUGHES BEGINS TESTING JUPITER 3 SATELLITE WITH ITS GROUND SYSTEM IIOT November 16, 2023 VIASAT AND SKYLO TO LAUNCH DIRECT-TO-DEVICE SERVICE BROADBAND November 16, 2023 AMAZON’S PROJECT KUIPER DEMONSTRATES A 2-WAY VIDEO CALL BUSINESS November 16, 2023 FIREFLY AEROSPACE GATHERS $300 MILLION IN NEW FINANCING MOBILITY November 15, 2023 INTELLIAN AND MARLINK INK PARTNERSHIP TO COLLABORATE ON HYBRID SATELLITE SOLUTIONS BROADBAND November 15, 2023 EUTELSAT LANDS LEO DEAL IN TAIWAN GOVERNMENT/MILITARY November 15, 2023 NORTHROP GRUMMAN COMPLETES CDR FOR THE SDA’S TRANCHE 1 TRACKING LAYER BROADBAND November 15, 2023 INTELSAT AND AMN TO TARGET THREE NEW MARKETS IN AFRICA TECHNOLOGY November 14, 2023 TELESAT SELECTS AALYRIA’S SPACETIME SOFTWARE TO ORCHESTRATE THE LIGHTSPEED CONSTELLATION GOVERNMENT/MILITARY November 14, 2023 WHITE HOUSE LAUNCHES NATIONAL SPECTRUM POLICY BROADCASTING November 14, 2023 EUTELSAT SIGNS NEW FRENCH 4K BROADCAST DEAL SUSTAINABILITY November 13, 2023 GSOA HOPES TO DRIVE SPACE SUSTAINABILITY WITH NEW CODE OF CONDUCT LAUNCH November 13, 2023 SPACEX LAUNCHES O3B MPOWER SATELLITES AND RIDESHARE MISSION IN A BUSY WEEKEND BUSINESS November 13, 2023 INTELSAT HIRES DAVID BROADBENT AS PRESIDENT OF GOVERNMENT SOLUTIONS BUSINESS November 13, 2023 HAMID AKHAVAN NAMED CEO OF DISH NETWORK, BEFORE MERGER CLOSE BUSINESS November 10, 2023 SPIRE REPORTS A RECORD $27M IN REVENUE IN Q3 BUSINESS November 10, 2023 AVANTI LOOKS TO A LEO AND MULTI-ORBIT FUTURE GOVERNMENT/MILITARY November 10, 2023 SPECTRA GROUP ORDERS $20M OF TROPOSCATTER SYSTEMS FROM COMTECH BUSINESS November 9, 2023 ROCKET LAB BOOSTS REVENUE 7% YEAR-OVER-YEAR IN Q3 MOBILITY November 9, 2023 SEMI-PRIVATE AIRLINE AERO SIGNS DEAL WITH SPACEX FOR STARLINK IFC MOBILITY November 9, 2023 EUTELSAT TO SUPPLY MARITIME CONNECTIVITY TO MEDIAMOBIL GOVERNMENT/MILITARY November 8, 2023 ESA OFFICIALLY LAUNCHES ITS ZERO DEBRIS CHARTER GOVERNMENT/MILITARY November 8, 2023 DOD SIGNS A BLANKET PURCHASE AGREEMENT FOR SES’S O3B SYSTEM IMAGERY AND SENSING November 8, 2023 BLACKSKY NARROWLY POSTS ITS FIRST PROFIT IN Q3 RESULTS BROADBAND November 7, 2023 LYNK LAUNCHES SAT2PHONE SERVICE IN THE SOLOMON ISLANDS BUSINESS November 7, 2023 YAHSAT’S MOBILITY SOLUTIONS BUSINESS SEES DOUBLE-DIGIT GROWTH, THURAYA-4 ON TRACK FOR 2024 LAUNCH IMAGERY AND SENSING November 7, 2023 PLANET RELEASES NEW FOREST CARBON DILIGENCE DATASET, ARCHIVING 10 YEARS OF CARBON DATA BUSINESS November 6, 2023 TELESAT MAINTAINS 2023 REVENUE GUIDANCE AFTER KEEPING Q3 LOSSES WITHIN RANGE BUSINESS November 6, 2023 ECHOSTAR REPORTS Q3 LOSSES WITH JUPITER 3 SERVICE LAUNCH, DISH NETWORK MERGER ON THE HORIZON MANUFACTURE November 6, 2023 MOMENTUS TO DEPLOY AVS’ LUR-1 PAYLOAD ON SPACEX’S TRANSPORTER-11 MISSION TECHNOLOGY November 3, 2023 PLANET COMPLETES GROUND TESTS WITH SES FOR NASA COMMUNICATIONS SERVICES PROJECT GOVERNMENT/MILITARY November 3, 2023 SENATE PASSES ORBITS ACT TO REDUCE SPACE DEBRIS BUSINESS IRIDIUM REVENUE UP IN Q3, BUT STOCK PRICE IS DOWN DUE TO QUALCOMM FRUSTRATION, ANALYST NOTES By Rachel Jewett | October 23, 2023 FacebookXLinkedInPrintShare * Financial Photo: Iridium Revenue at Iridium Communications increased 7% in the third quarter of 2023 compared to the same time last year, but the company’s stock value dipped after the results were released on Oct. 19. Iridium did not have an update on its Qualcomm chip partnership, which one analyst noted is frustrating investors. Iridium’s third quarter revenue was $197.6 million, an increase of 7% year-over-year. However, Iridium reported a net loss for the quarter of $1.6 million, compared to net income of $2.1 million in the same time last year. Iridium said the net loss from costs associated with refinancing of Iridium’s credit facility, which extends the maturity to September 2030 and reduces the interest rate. The company ended the quarter with 2,236,000 total billable subscribers, an increase of 96,000 from the prior quarter, and up 13% year-over-year, driven by growth in commercial IoT. Iridium reported a 12% increase in commercial service revenue in the third quarter, with growth across voice and data, IoT data, and broadband. However, equipment revenue of $20.4 million was down 27% compared to the same time last year, and Iridium is expecting equipment sales to be lower than 2022’s record level. Iridium updated its guidance, increasing the midpoint of the 2023 adjusted EBITDA estimates to $462.5 million, compared with the prior midpoint of $460 million. It also updated guidance for 2023 service revenue growth to be approximately 10%, rather than a range of 9% to 11%. Iridium did not have an update on its partnership with Qualcomm for satellite-compatible chips that will enable messaging on Android cell phones via Iridium’s satellite constellation. Last quarter, Iridium said it doesn’t expect the first cell phones to be activated until 2024. “Adoption of this service by manufacturers is slower than Qualcomm originally projected, but we continue to believe that Iridium will be a player over the coming years in smartphones, automobiles, and other consumer products,” Iridium CEO Matt Desch told investors last week. Iridium’s stock value has fallen about 12% since the results were released. William Blair analyst Louie DiPalma published a note on Iridium earnings, writing that the lack of updates on Qualcomm has been disappointing. The previous expectation was that high-margin Iridium smartphones would reach the market late this year. DiPalma noted that investors no longer expect Iridium to be in the marquee Samsung Galaxy S24 phone that may hit the market in January, and investors are “very frustrated.” “Iridium previously expressed confidence in Qualcomm, conveying that it knows what it is doing. We ultimately got this aspect of the story wrong as we placed too much faith in Qualcomm,” DiPalma said. “Although Qualcomm was historically one of the cutting-edge global chip leaders, it has fallen from grace and risks becoming a legacy tech company. Regardless, Iridium’s core business continues to generate strong growth and free cash flow. The stock should trend higher when investors get over the Qualcomm disappointment.” Get the latest Via Satellite news! Sign Up Now Scroll for related stories. Comments FacebookXLinkedInPrintShare © 2023 ACCESS INTELLIGENCE – ALL RIGHTS RESERVED. 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