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Why Globalstar Stock Dropped 8% Today

·2 min read
Why Globalstar Stock Dropped 8% Today
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Shares of Globalstar (NYSEMKT: GSAT) stock dropped 8.1% through 1:35 p.m. EDT Friday, after the mobile satellite services provider released its fiscal Q1 2021 earnings report yesterday -- meeting on earnings but missing on revenue. Heading into fiscal Q1 2021, analysts had predicted Globalstar would lose $0.02 per share -- and it did that. As Globalstar explained, "Total revenue for the first quarter of 2021 decreased 16% from the first quarter of 2020; however, this decline was due primarily to the timing of engineering service revenue."