On November 9, AST SpaceMobile reported third-quarter results that missed analyst expectations for both earnings and revenue. Revenue nearly tripled year over year to $42.3 million but still fell short of expectations. The company announced a joint venture with Japan’s Rakuten to extend satellite-based cell service and maintain connectivity during disasters. The supplied facts conflict on the stock’s direction: they describe a significant decline after the results and also report a 14.1% intraday rise despite losses exceeding analyst expectations.
Revenue grew about 187% year over year, while the company announced a joint venture in which Rakuten holds a majority of voting rights and expected government funding of up to 148 billion yen.
Read the full storyRevenue rose year over year, but the company posted a net loss of $132.380 million and maintained its annual guidance as markets watched progress on satellite launches.