Sector Update: Tech Stocks Gain Friday Afternoon
Apple invests $1.5 billion to increase its stake in satellite communications, causing Globalstar's stock to soar nearly 40%.
1. Globalstar, a satellite communication company in low Earth orbit in the USA, received a $1.5 billion investment from Apple, including a $0.4 billion equity acquisition and a $1.1 billion infrastructure prepayment. 2. The funds will be used to purchase new satellites and upgrade ground infrastructure, and Globalstar will continue to provide Apple with approximately 85% of satellite internet transmission capacity. 3. The profitability of mobile satellite services is a concern; Apple's emergency SOS service free trial period has been extended until 2025.
Apple Commits $1.5 Billion to Globalstar for Expanded iPhone Satellite Services
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