Globalstar Inc. (GSAT) shares plummeted 7.14% in after-hours trading on Thursday, following the company's fourth quarter earnings release.
Globalstar reported a larger-than-expected quarterly loss of $0.20 per share, missing analysts' estimates of a $0.03 loss per share by a wide margin. However, the company's revenue of $61.18 million for the quarter beat expectations of $60.24 million.
The earnings miss appears to have weighed heavily on investor sentiment, driving Globalstar's stock sharply lower in extended trading hours. The company's outlook and forward guidance will likely shed more light on the market's reaction in upcoming sessions.
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