Why Iridium Communications Shares Are Soaring Today - Iridium Comms (NASDAQ:IRDM)

Iridium Communications Inc IRDM reported second-quarter FY22 revenue growth of 17% year-on-year to $174.9 million, beating the consensus of $166.5 million.
Service revenue rose 10% Y/Y to $132.9 million. Revenue from equipment sales and engineering and support projects was $42 million.
Commercial service revenue was $106.4 million, up 11% Y/Y. Commercial broadband revenue was up 14% Y/Y to $12.1 million.
Hosted payload and other data service revenue was consistent at $15.2 million, up 5% Y/Y.
Government service revenue was $26.5 million, up 3% Y/Y.
Operational EBITDA (OEBITDA) for the quarter was $105.9 million, up 12% Y/Y.
Total billable subscribers rose 16% Y/Y to 1.88 million, driven by growth in commercial IoT customers.
EPS was $0.04. Iridium held $227.2 million in cash and equivalents.
"2022 is shaping up to be a blockbuster year for Iridium, as demand for equipment and new subscriber activations drove record revenue growth in the second quarter," said Matt Desch, CEO Desch said.
Outlook: Iridium lifted its full-year 2022 outlook, with 7% - 9% total service revenue growth, up from the previous 5% - 7% growth forecast.
Price Action: IRDM shares traded higher by 7.37% at $42.74 on the last check Tuesday.

Iridium Comm Tops Q2 Backed By Demand For Equipment; Boosts Outlook