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Why Globalstar Stock Spiked 9% In After-Hours Today

Why Globalstar Stock Spiked 9% In After-Hours Today

Globalstar, Inc (NYSE: GSAT)  stock rose over 9% in the after-hours trading today.
What Happened: The satellite solutions provider declared earnings per share of $0.01 in the fourth quarter of this year beating analyst projected earnings of $0 per share. 

See also: Best Penny Stocks Under $1

Last year EPS stood at $0.03 in the same period and revenue came in at $31.84 million.

Globalstar Q4 revenue this year has risen 4.17% YoY to $33.17 million. 

Why It Matters: Earlier, the company’s shares rose 84% on Feb. 9 after an announcement regarding the addition of Qualcomm Inc’s (NASDAQ: QCOM) Band n53 in Globalstar’s flagship X65 modem.

This year, Globalstar has also announced partnerships with Battlebox and Nokia Oyj (NYSE: NOK). 

Price Action: Globalstar shares rose 9.03% to $1.69  in the after-hours trading on Wednesday after closing 8.28% in the regular session at $1.55.


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