Iridium (IRDM) Ends 3-Day Run as Investors Sour Tempered Growth Outlook

We recently published 10 Stocks Slump Amid Wall Street Cheer; 2 Hit Rock Bottom. Iridium Communications Inc. (NASDAQ:IRDM) is one of the worst performers on Thursday.

Iridium Communications snapped a three-day winning streak on Thursday, shedding 7.48 percent to close at $18.19 apiece as investors soured on its tempered growth outlook for the rest of the year.

Despite improved earnings performance during the third quarter, Iridium Communications Inc. (NASDAQ:IRDM) said it now expects total service revenues to grow by 3 percent, lower than the previous 3 to 5 percent expectations.

Full-year operational EBITDA, on the other hand, was pegged at $495 million to $500 million, representing a growth in the lower end guidance of $490 million.

In the past quarter, Iridium Communications Inc. (NASDAQ:IRDM) net income increased by 54 percent to $37 million from $24 million in the same period last year.

Total revenues grew by 6.6 percent to $226.9 million from $212.77 million year-on-year, on the back of a 3-percent jump in service revenues, which constituted 73 percent of the total figure.

Iridium Communications Inc. (NASDAQ:IRDM) ended the quarter with 2.5 million billable subscribers, up by 2.42 percent from the 2.48 million a year earlier.

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Disclosure: None. This article is originally published at Insider Monkey.