- Iridium (IRDM -17.3%) now expects 10%-15% 2013 billable subscriber growth and 6%-8% service revenue growth, below prior forecasts of 15%-20% and 8%-10%.
- The satellite services firm is also now guiding for 8%-10%/year service revenue growth in 2014 and 2015; prior guidance was for 9%-11% growth from 2013-2015. Moreover, its 2015 operational EBITDA margin target is now 55%-60% vs. a prior 60%.
- Iridium says "product issues" in its maritime business "have led to higher churn and tempered [its] growth prospects," and that subscriber growth and usage in its core satellite phone ops is falling, partly due to "increased competition in the cost-sensitive segment" of the market.
- Iridium ended Q2 with 647K billable subs, +26K Q/Q and +71K Y./Y.
- Commercial revenue (60% of total) +8% Y/Y, government -7%, equipment sales -17%.
- Commercial ARPU -2% Y/Y, government -3%.
- Q2 results, PR
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From other sites
at CNBC.com (Aug 25, 2014)
at MarketWatch.com (Sep 28, 2012)
at CNBC.com (May 25, 2011)
at CNBC.com (Mar 23, 2011)
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