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Iridium (IRDM) and Qualcomm to Enable Satellite Messaging
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Iridium Communications (IRDM - Free Report) announced that it has entered into an agreement with Qualcomm Technologies to allow satellite messaging and emergency services in smartphones powered by Qualcomm's Snapdragon Mobile Platforms.
The integration will be possible through Qualcomm's Snapdragon Satellite solution, which is supported by Iridium's satellite constellation. The service is expected to be available in premium Android smartphones in select regions starting in the second half of 2023.
Iridium’s satellite constellation consists of several active satellites in low Earth orbit to provide global voice and data communications coverage. It uses an L-band frequency which is resilient to extreme weather conditions.
This has the potential to expand to other consumer devices in the future, such as vehicles and Internet of things (IoT) devices. The company is likely to benefit from the growth in IoT, ongoing activations and solid uptake of the company’s broadband services.
Per Iridium’s report, approximately 85% of the world lacks cellular coverage. Smartphones equipped with Snapdragon Satellite can access global coverage and send emergency messages and texts from any location.
The satellite messaging market is gaining traction as companies like Apple have started to integrate satellite messaging into their smartphones. In November 2022, Apple announced a collaboration with Globalstar to launch Emergency SOS messaging via satellite in its latest iPhone 14, which is live in six countries.
Per a report from Mordor Intelligence, the mobile satellite services market was valued at $4335.6 million in 2020 and is expected to reach $6194.9 million by 2026, registering a CAGR of 6.2% from 2021 to 2026. The industry is expected to benefit from the growing usage of smartphones and the ongoing digitalization, added the report.
Headquartered in McLean, VA, Iridium is the only satellite communications company that offers dedicated commercial global voice and data communications. The company continues to invest heavily in research and development to launch advanced satellite communications services.
In December 2022, the company announced the launch of Iridium Messaging Transport (“IMT”) to facilitate the integration of satellite connections into IoT solutions.
IMT is designed to support small-to-moderate-sized messages and is intended to make it easier for developers to add satellite connectivity to existing or new IoT solutions.
Prior to that, the company announced that it was working with SpaceX to launch up to five of its remaining additional ground satellites of the Iridium Next Program through SpaceX’s Falcon 9 rocket.
Iridium currently has a Zacks Rank #3 (Hold). Shares of the company have gained 30.3% in the past year against the sub-industry’s decline of 14.6%.
The Zacks Consensus Estimate for Arista Networks 2022 earnings is pegged at $4.37 per share, up 0.5% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.5%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 12.7%. Shares of ANET have declined 12.8% in the past year.
The Zacks Consensus Estimate for Jabil’s 2023 earnings is pegged at $8.31 per share, rising 1.6% in the past 60 days. The long-term earnings growth rate is anticipated to be 12%.
Jabil’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 8.9%. Shares of JBL have declined 5.7% in the past year.
The Zacks Consensus Estimate for Asure Software’s 2022 earnings is pegged at 7 cents per share, rising 75% in the past 60 days. The long-term earnings growth rate is anticipated to be 23%.
Asure Software’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 83.3%. Shares of ASUR have soared 22.2% in the past year.
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Iridium (IRDM) and Qualcomm to Enable Satellite Messaging
Iridium Communications (IRDM - Free Report) announced that it has entered into an agreement with Qualcomm Technologies to allow satellite messaging and emergency services in smartphones powered by Qualcomm's Snapdragon Mobile Platforms.
The integration will be possible through Qualcomm's Snapdragon Satellite solution, which is supported by Iridium's satellite constellation. The service is expected to be available in premium Android smartphones in select regions starting in the second half of 2023.
Iridium’s satellite constellation consists of several active satellites in low Earth orbit to provide global voice and data communications coverage. It uses an L-band frequency which is resilient to extreme weather conditions.
Iridium Communications Inc Price and Consensus
Iridium Communications Inc price-consensus-chart | Iridium Communications Inc Quote
This has the potential to expand to other consumer devices in the future, such as vehicles and Internet of things (IoT) devices. The company is likely to benefit from the growth in IoT, ongoing activations and solid uptake of the company’s broadband services.
Per Iridium’s report, approximately 85% of the world lacks cellular coverage. Smartphones equipped with Snapdragon Satellite can access global coverage and send emergency messages and texts from any location.
The satellite messaging market is gaining traction as companies like Apple have started to integrate satellite messaging into their smartphones. In November 2022, Apple announced a collaboration with Globalstar to launch Emergency SOS messaging via satellite in its latest iPhone 14, which is live in six countries.
Per a report from Mordor Intelligence, the mobile satellite services market was valued at $4335.6 million in 2020 and is expected to reach $6194.9 million by 2026, registering a CAGR of 6.2% from 2021 to 2026. The industry is expected to benefit from the growing usage of smartphones and the ongoing digitalization, added the report.
Headquartered in McLean, VA, Iridium is the only satellite communications company that offers dedicated commercial global voice and data communications. The company continues to invest heavily in research and development to launch advanced satellite communications services.
In December 2022, the company announced the launch of Iridium Messaging Transport (“IMT”) to facilitate the integration of satellite connections into IoT solutions.
IMT is designed to support small-to-moderate-sized messages and is intended to make it easier for developers to add satellite connectivity to existing or new IoT solutions.
Prior to that, the company announced that it was working with SpaceX to launch up to five of its remaining additional ground satellites of the Iridium Next Program through SpaceX’s Falcon 9 rocket.
Iridium currently has a Zacks Rank #3 (Hold). Shares of the company have gained 30.3% in the past year against the sub-industry’s decline of 14.6%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader technology space are Arista Networks (ANET - Free Report) , Jabil (JBL - Free Report) and Asure Software (ASUR - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Arista Networks 2022 earnings is pegged at $4.37 per share, up 0.5% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.5%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 12.7%. Shares of ANET have declined 12.8% in the past year.
The Zacks Consensus Estimate for Jabil’s 2023 earnings is pegged at $8.31 per share, rising 1.6% in the past 60 days. The long-term earnings growth rate is anticipated to be 12%.
Jabil’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 8.9%. Shares of JBL have declined 5.7% in the past year.
The Zacks Consensus Estimate for Asure Software’s 2022 earnings is pegged at 7 cents per share, rising 75% in the past 60 days. The long-term earnings growth rate is anticipated to be 23%.
Asure Software’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 83.3%. Shares of ASUR have soared 22.2% in the past year.