Why AST SpaceMobile Stock Just Crashed 12%
AST SpaceMobile (NASDAQ: ASTS) stock tumbled 12.5% through noon ET Friday after the company reported a big earnings miss last night.
Heading into the report, analysts forecast the start-up provider of direct-to-cell (via satellite) mobile communications would report a $0.23-per-share loss for its Q3 2024. Instead, AST said it lost $1.10 per share.
CEO Abel Avellan led off the report highlighting AST's "many significant milestones" recently achieved, such as the successful launch of the company's first five BlueBird satellites and their successful unfolding and beginning of "initial operations." Avellan also noted that the company is seeking permission from the Federal Communications Commission to begin beta service with AST customers AT (NYSE: T) and (NYSE: VZ).
Source Fool.com
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