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Globalstar Soars 64% on Expanded Apple Partnership, Forecasts Revenue Doubling
Sector Update: Tech Stocks Gain Friday Afternoon
Apple invests $1.5 billion to increase its stake in satellite communications, resulting in Globalstar's stock skyrocketing nearly 40%.
1. USA low-orbit satellite communication company globalstar received a $1.5 billion investment from Apple, including $0.4 billion in equity acquisition and $1.1 billion in infrastructure prepayment; 2. The funds will be used to purchase new satellites and upgrade ground infrastructure, and globalstar will continue to provide Apple with approximately 85% of satellite internet transmission capacity; 3. The profitability of mobile satellite services is a problem, and Apple's free period for the emergency SOS service has been extended to 2025.
Express News | Apple will invest up to $1.5 billion in Globalstar to expand satellite coverage.
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Apple Commits $1.5 Billion to Globalstar for Expanded iPhone Satellite Services
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