Iridium Q2 revenue beats on increase in billable subscribers
IRDM•Aireon deal and outlook
Iridium said it completed the Aireon acquisition, which is expected to add at least $100 million in service revenue annually.
The company does not intend to provide financial guidance because of the pending acquisition by Rocket Lab.
Analyst view and valuation
The current average analyst rating on the shares is hold, with 3 strong buy or buy ratings, 6 hold ratings and no sell or strong sell ratings.
Wall Street's median 12-month price target for Iridium Communications Inc is $39.50, about 16.4% below its July 21 closing price of $47.24. The stock recently traded at 38 times the next 12-month earnings, versus a P/E of 24 three months ago.
Q2 revenue and subscribers rise
Iridium Communications Inc reported second-quarter revenue of $225.24 million, beating the analyst consensus estimate of $220.65 million. Revenue rose 4% from a year earlier.
Commercial IoT data revenue rose on a increase in billable subscribers. Commercial and government service revenues both increased, with commercial service up and government service up .
