What's Going On With AST SpaceMobile Stock Today

AST SpaceMobile Inc ASTS shares are trading lower Tuesday after the company announced its second-quarter results. 

AST SpaceMobile reported a second-quarter net loss of 6 cents per share, which was up from a net loss of 33 cents per share year-over-year. 

Total operating expenses increased by $2.7 million to $35.4 million in the second quarter. The company ended the quarter with approximately $202.4 million in cash and equivalents.

AST SpaceMobile said it's performing testing and final preparations for its upcoming satellite launch.

"We are thrilled to be on-site at Cape Canaveral, FL, taking our BlueWalker 3 test satellite through final preparations and continuation of testing for the upcoming planned launch to low Earth Orbit in early to mid-September," said Abel Avellan, chairman and CEO of AST SpaceMobile

AST SpaceMobile is building a global cellular broadband network in space to operate directly with mobile devices. The company intends to launch a low Earth orbit constellation of BlueBirds that would provide cellular broadband from space across the globe.

See Also: Walmart Gains Post Q2 Results; Reveals Pressure On FY23 Profit Expectations

ASTS Price Action: AST SpaceMobile has traded between $13.59 and $4.84 over a 52-week period.

The stock was down 0.55% at $12.68 at press time, according to Benzinga Pro.

Photo: Arek Socha from Pixabay.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsSmall CapMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!