Iridium Communications Inc. (IRDM) dropped 8.94 percent to $21.13 on Thursday after releasing its first quarter results. Total revenue rose to $214.9 million from $203.9 million a year earlier, while net income increased to $30.4 million from $19.7 million year over year.
The stock opened at $22.50 and touched a low of $19.92 before partially recovering. Volume reached 2.5 million shares, well above the daily average of 1.4 million.
Iridium is now trading at the low end of its 52-week range of $19.92 to $35.85.
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