Iridium Shows Its Value in Hurricane-Driven Communications Outages
The hurricanes that struck Puerto Rico, Florida, Texas, and other portions of the Caribbean and the Gulf Coast had monumental impacts on millions of people. For many, power and communications are still down, showing the limitations of terrestrial-based power and telecom infrastructure. Iridium Communications (NASDAQ: IRDM) offers an alternative, and its satellite-communications network became a go-to resource for first responders in disaster-stricken areas.
Coming into Thursday's third-quarter financial report, Iridium investors were hopeful that ongoing efforts to modernize the company's satellite network would result in more business. Yet the rise in demand for Iridium products linked to the recent hurricanes came as a welcome surprise for many shareholders, and the sat-com provider sees its positive momentum continuing to carry it forward. Let's look more closely at how Iridium Communications did and what its future looks like.
Image source: Iridium Communications.
Source: Fool.com