Why Globalstar Stock Spiked 9% In After-Hours Today

Globalstar, Inc GSAT  stock rose over 9% in the after-hours trading today.
What Happened: The satellite solutions provider declared earnings per share of $0.01 in the fourth quarter of this year beating analyst projected earnings of $0 per share. 

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Last year EPS stood at $0.03 in the same period and revenue came in at $31.84 million.

Globalstar Q4 revenue this year has risen 4.17% YoY to $33.17 million. 

Why It Matters: Earlier, the company’s shares rose 84% on Feb. 9 after an announcement regarding the addition of Qualcomm Inc’s QCOM Band n53 in Globalstar’s flagship X65 modem.

This year, Globalstar has also announced partnerships with Battlebox and Nokia Oyj NOK. 

Price Action: Globalstar shares rose 9.03% to $1.69  in the after-hours trading on Wednesday after closing 8.28% in the regular session at $1.55.