Why AST SpaceMobile Stock Bumped Higher Today
Satellite-telephone specialist AST SpaceMobile's (NASDAQ: ASTS) share price disobeyed gravity on Wednesday, rising to close 1.7% higher. That was on the back of a small but encouraging set of preliminary quarterly results released by the company that morning. By contrast, the S&P 500 index fell on the day, slumping 1.4%.
For its third quarter, the relatively early-stage AST is estimating that the company will post non-GAAP (adjusted) operating expenses of $36.2 million to $38.2 million. That range is below the $38.6 million tally for the line item in the same period a year ago.
Leaving the orbit of guidance for actual numbers, AST said it ended the quarter with cash, cash equivalents, and restricted cash totaling roughly $135.7 million. As of the close of the period (Sept. 30), it incurred around $224.2 million in capitalized property and equipment costs.
Source Fool.com
