DIVIDEND ALERT! Iridium Communications (IRDM) Nosedives 22% on Disappointing Earnings, Outlook
Iridium Communications fell by 22 percent on Thursday to close at $25.26 apiece as investors soured on its disappointing earnings performance and lowered growth outlook.
In a statement, Iridium Communications Inc. (NASDAQ:IRDM) said net income in the second quarter of the year dropped by 32 percent to $21.97 million from $32.34 million in the same period last year. Net income for the first six months also finished flat at $52 million.
On the other hand, total revenues increased by 8 percent to $216.9 million from $201 million year-on-year.
Looking ahead, Iridium Communications Inc. (NASDAQ:IRDM) lowered its total service revenue growth expectations to a range of 3-5 percent, compared with the 5-7 percent growth guidance previously.
Copyright: limonzest / 123RF Stock Photo
Despite the dismal earnings, Iridium Communications Inc. (NASDAQ:IRDM) declared a higher cash dividend to its investors for September, amounting to $0.15 per common share. This compares with $0.14 cash dividend in the second quarter of the year.
While we acknowledge the potential of IRDM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
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