GSAT Stock Recent News

Former Qualcomm CEO and another former Qualcomm heavyweight join Globalstar. GSAT's technical chart shows a bullish breakaway gap, indicating potential upside momentum. Positive operating profit and strong top-line performance suggest aggressive growth for Globalstar.

Paul Jacobs, Globalstar CEO and former Qualcomm CEO, joins 'Closing Bell Overtime' to talk competing with Elon Musk's SpaceX, the cost of launching satellites and partnering with Apple.

Shares of mobile satellite communications specialist Globalstar (NYSEMKT: GSAT ) – which focuses on providing communication channels in areas outside traditional cellular network coverage – jumped sharply on Tuesday. Undergirding sentiment was the announcement earlier that former Qualcomm (NASDAQ: QCOM ) CEO and Executive Chairman Paul E.

Globalstar on Tuesday named former Qualcomm top boss Paul Jacobs as its CEO, sparking a near 20% surge in the shares of the satellite firm behind Apple's emergency communication services.

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Globalstar has partnered with Apple and Qualcomm, leveraging its satellite communication services and frequency spectrum for emergency messaging and private 5G networks. The company's revenues have surged, and it is monetizing its spectrum assets, with the potential for significant growth in the private 5G network market. Despite some risks and competition, Globalstar's unique Band 53 spectrum and expanding ecosystem make it a reasonable buy at $1.5 per share.

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Globalstar (GSAT) came out with quarterly earnings of $0.01 per share, beating the Zacks Consensus Estimate of a loss of $0.01 per share. This compares to loss of $0.01 per share a year ago.

Globalstar must prove it has the ability to fulfill its open orders in the first quarter of 2023. Globalstar plans on spending an additional $250 million in CapEx for the full year 2023, which could put enormous pressure on the bottom line.

The satellite specialist disclosed happy news in the financing sphere. It is selling $200 million worth of senior notes to an investment firm.