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Globalstar's stock falls after Apple didn't say its new iPhone supports satellite communications

Benzinga Real-time News · Sep 14, 2021 14:53

GSAT +1.60%

Globalstar, Inc. (NASDAQ:GSAT) shares are trading lower by 18.9% at $1.85 following Apple's fall hardware event. Traders were optimistic about Globalstar working with Apple to implement satellite capabilities to iPhones.

Globalstar shares were trading higher on August 13 following a note sent out by an Apple analyst suggesting Apple could partner with Globalstar on bringing low-earth-orbit satellite communications functionality in the iPhone 13.

Globalstar is a telecommunications company that derives revenue from the provision of mobile satellite services. The company provides communications services such as two-way voice and data transmission.

Globalstar has a 52-week high of $2.98 and a 52-week low of $0.29.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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