Orbcomm: 2Q Earnings Snapshot
Aug. 01, 2018
ROCHELLE PARK, N.J. (AP) _ Orbcomm Inc. (ORBC) on Wednesday reported a loss of $7.2 million in its second quarter.
The Rochelle Park, New Jersey-based company said it had a loss of 9 cents per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share.
The satellite communications company posted revenue of $70.8 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $69.7 million.
Orbcomm expects full-year revenue in the range of $290 million to $310 million.
Orbcomm shares have decreased roughly 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.48, a decline of 18 percent in the last 12 months.