What's Going On With AST SpaceMobile Stock After The Bell?

AST SpaceMobile Inc ASTS shares are volatile in extended trading Monday after the company reported second-quarter financial results.

What Happened: AST SpaceMobile reported a second-quarter earnings loss of 24 cents per share, which missed estimates for a loss of 19 cents per share.

AST SpaceMobile said it received multiple indications of interest for strategic investment during the second quarter. 

The company raised cash and liquidity of up to $179 million during the quarter and ended the quarter with cash, equivalents and restricted cash of $191.5 million.

"AST SpaceMobile continues to make history. This quarter we achieved space-based 4G LTE cellular broadband capabilities to everyday smartphones, reaching speeds above 10 Mbps during BlueWalker 3 testing alongside AT&T, Vodafone and Nokia," said Abel Avellan, chairman and CEO of AST SpaceMobile.

"We are now laser-focused on the manufacturing of our BlueBird satellites. The first five satellites are fully funded with a planned launch in first quarter 2024 as we target to offer initial commercial service in 2024."

AST SpaceMobile is building a global cellular broadband network in space to operate directly with standard mobile devices.

The company will hold a conference call to discuss its quarterly results at 5 p.m. ET.

See Also: Here's Why Jeff Bezos' Blue Origin Has Fallen Behind Elon Musk's SpaceX

ASTS Price Action:  After initially trading down after hours, AST SpaceMobile shares are trading higher by 2.97% at $4.37 at the time of publication, according to Benzinga Pro.

Photo: David Mark from Pixabay.