Why AST SpaceMobile Stock Failed to Launch Today
Investors weren't particularly eager to take the call from satellite-based telecom service provider AST SpaceMobile (NASDAQ: ASTS) on Tuesday. They sold out of the company and drove its share price down by almost 1%, following the release of an investor update that included selected preliminary quarterly results.
This morning, AST revealed that it is likely to have ended its second quarter with cash and equivalents of roughly $191.5 million. If so, that would be the second-lowest level for the company in at least the past six quarters; by contrast, the second-quarter 2022 tally was over $202 million.
At least the relatively early-stage company isn't about to run out of cash. It does have a trickle of revenue coming in, and its operating expenses should total $57.1 million to $59.1 million in the quarter, per its estimates.
Source Fool.com
