Revenue Update on Iridium Communications Inc(NASDAQ:IRDM)

Iridium Communications Inc(NASDAQ:IRDM) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during Pre-market on Jul 28, 2016. Company reported revenue of $109.19M. Analysts estimated a revenue of $107.43M. Earnings per share were $0.22. Analysts had estimated an EPS of $0.25.

Iridium Communications Inc (IRDM) made into the market gainers list on Thursdays trading session with the shares advancing 1.70% or 0.15 points. Due to strong positive momentum, the stock ended at $8.98, which is also near the day’s high of $9. The stock began the session at $8.87 and the volume stood at 7,23,034 shares. The 52-week high of the shares is $9.37 and the 52 week low is $5.85. The company has a current market capitalization of $859 M and it has 9,56,27,682 shares in outstanding.

Several Insider Transactions has been reported to the SEC. On Mar 2, 2016, Thomas C Canfield (director) purchased 5,000 shares at $6.95 per share price.Also, On Aug 6, 2015, Matthew J Desch (CEO) purchased 14,000 shares at $7.16 per share price.

Iridium Communications Inc. is a satellite communications company that offers global voice and data communications coverage. The Company provides voice and data communications services to businesses the United States and foreign governments non-governmental organizations and consumers via its constellation of 66 in-orbit satellites in-orbit spares and related ground infrastructure. The Company’s principal services include mobile satellite services including mobile voice and data services machine to machine (M2M) services and data. Its commercial services include postpaid mobile voice and data satellite communications services; prepaid mobile voice satellite communications services; broadband data services machine-to-machine services and other services. The Company’s commercial end user base includes markets such as emergency services maritime aviation government utilities oil and gas mining recreation forestry heavy equipment construction and transportation.

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