Satellite communications provider Iridium Communications Inc. (IRDM) on Thursday announced a decrease in second-quarter net income, despite higher revenues, compared to last year. The company has cut its full-year revenue growth outlook, reflecting a cautious view.
Net income for the quarter declined to $22 million, or $0.20 per share, from $32.3 million, or $0.27 per share, in the previous year.
Analysts on average had expected the company to report second-quarter earnings of $0.24 per share.
Total revenue increased to $216.9 million from $201.1 million in the last quarter.
Operating income rose to $50.3 million from $43.6 million a year ago.
Outlook for Iridium's 2025 service revenue growth was trimmed to a range of 3-5% from 5-7%, reflecting a more cautious view, while the company maintained its OEBITDA guidance at $490-$500 million.
Iridium CEO Matt Desch reported progress on direct-to-device testing and PNT applications, while projecting a 5% dividend hike.
In pre-market trade, shares of Iridium are trading 6.81% or 2.21 lower at $30.22.
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