Satellite Operator Globalstar Stock Jumps 45% After Agreement With Apple -- Barrons.com

Dow Jones11-01

By Elsa Ohlen

Globalstar stock rose sharply early Friday after it disclosed an expanded agreement with iPhone maker Apple.

Globalstar will deliver expanded services to Apple over a new mobile satellite services network, including a new satellite constellation, expanded ground infrastructure, and increased global MSS licensing, the satellite communications company said Friday.

Apple will prepay for certain services to be delivered, it added, including an infrastructure prepayment of up to $1.1 billion.

Globalstar stock soared 45% to $1.52 in premarket trading Friday following the news. Apple stock was down 1.6% after reporting earnings after Thursday's close.

In 2022, Apple announced that its then-new iPhone 14 would be able to connect via satellite to text emergency services when out of cellular and Wi-Fi coverage, and that Globalstar would provide the satellite service and increase sales by hundreds of millions. This agreement has now been extended.

By Thursday's close, Globalstar shares were down 46% so far this year as the satellite operator has struggled to turn a profit.

Write to Elsa Ohlen at elsa.ohlen@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 01, 2024 08:50 ET (12:50 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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