Shares of Iridium Communications Inc. (NASDAQ:IRDM) plummeted by 5.03% on October 18, 2024, despite the company reporting better-than-expected third-quarter earnings and raising its full-year guidance. Iridium, a leading provider of global satellite communications services, saw its stock close at $34.08 after the earnings release.

Iridium's Q3 2024 financial results painted a positive picture, with the company achieving record revenue of $212.8 million, up 7.7% year-over-year. The company reported a net income of $24.4 million, a significant improvement from the $1.64 million loss in the same quarter last year. Operational EBITDA hit a record $124.4 million, driven by the expansion in service revenue.

The company's growth was fueled by strong performance across its commercial and government segments. Commercial service revenue grew 6% to $133.3 million, with the Internet of Things (IoT) sector being a standout performer, registering a 14% increase in revenue. Iridium's subscriber base also continued to expand, reaching 2.48 million billable subscribers, an 11% year-over-year increase.