Why AST SpaceMobile Stock Soared Higher Today
Shares of AST SpaceMobile (NASDAQ: ASTS) jumped on Wednesday, finishing the day up 10.6%. The spike came as the S 500 and Nasdaq Composite were relatively flat. The satellite communications company announced a new partnership with a massive telecom provider in India.
AST SpaceMobile announced a strategic partnership with Vodafone Idea (Vi), an Indian telecom giant with over 1.1 billion mobile subscribers. The deal will combine Vodafone's land-based network with AST's satellite-based technology to connect underserved regions using regular smartphones.
India represents a massive growth market with a huge population and a significant number of underserved customers in remote regions. AST's space-based system makes it possible for these populations to access Vodafone's network. The deal is a major opportunity and marks another validation of its technology.
Source Fool.com
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