Why Is Satellite Communications Globalstar Stock Trading Higher On Tuesday?

Globalstar, Inc GSAT stock is trading higher Tuesday as Apple Inc AAPL showcased iOS 18 with satellite messaging during its annual developer event.

Now, iPhone 14 and later users can send messages via satellite, even when cellular connections are unavailable.

The iPhone users can also enjoy text effects like jitter, shake, and bounce.

Other new iOS 18 updates included a more customizable home screen and new privacy features.

In 2022, Apple tapped Globalstar to enable its iPhone 14 and iPhone 14 Pro models to send messages via a satellite outside cellular and Wi-Fi coverage.

Verizon Communications Inc VZ and AT&T Inc T collaborated with AST SpaceMobile, Inc ASTS to provide a broadband network directly to cell phones.

In May, Globalstar reported quarterly losses of $(0.01) per share, meeting the analyst consensus estimate. The company reported quarterly sales of $56.48 million, which beat the analyst consensus estimate of $54.74 million.

Price Action: GSAT shares traded higher by 5.19% at $1.12 at the last check Tuesday.

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