Why AST SpaceMobile Stock Is Falling Today
There aren't a lot of numbers in quarterly reports from pre-revenue companies, so investors tend to focus instead on business operation updates. Satellite communications company AST SpaceMobile (NASDAQ: ASTS) is not progressing as fast as some investors had hoped, and the shares are off by more than 17% as a result.
AST SpaceMobile is a space start-up that is attempting to build a constellation of satellites to provide 5G network connectivity to all corners of the globe. There are potential users for this technology, but the cost of getting the network up and running is prohibitive.
The company reported a net loss of $8.23 million in the fourth quarter, up from a loss of $3.11 million a year ago, on zero revenue in the quarter.
Source Fool.com
