Shares of Iridium fell after the satellite-communications provider forecast slowing service revenue growth this year.
The stock fell 11% to $31.21 in midday trading. Over the past 12 months, shares are down more than 45%.
The company on Thursday reported fourth-quarter results that topped Wall Street analysts’ expectations. Iridium reported a quarterly profit of 30 cents a share, topping the two cents a share that analysts surveyed by FactSet expected. Revenue was roughly flat at $194.7 million, but topped the $194.4 million expected by analysts.
For 2024, Iridium is targeting service revenue growth of 4% to 6%, down from growth of 9% in 2023.