What's Going On With AST SpaceMobile Stock Today

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.

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