We recently published Double-Digit Disaster: 10 Big Names Fall Off the Cliff. Iridium Communications Inc. is one of the worst-performing stocks on Thursday.
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. 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. lowered its total service revenue growth expectations to a range of 3-5 percent, compared with the 5-7 percent growth guidance previously.
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Despite the dismal earnings, Iridium Communications Inc. 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.
