Why AST SpaceMobile Inc. (ASTS) Stock plummeted on Friday?

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AST SpaceMobile Inc. (ASTS) shares plunged 12.99% in after-hours on Friday, December 03, 2021, and closed the normal trading at $8.04. Even in the regular trading session of Friday, ASTS’s stock lost 2.12%. ASTS shares have fallen 9.41% over the last 12 months, and they have moved down 15.15% in the past week. Over the past three months, the stock has lost 25.24%, while over the past six months, it has gained 15.21%.

Let’s have a brief look at its recent news and developments.


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ASTS latest development

On November 15, 2021, AST SpaceMobile, Inc. (ASTS) provided its financial update for the third quarter of 2021.

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Q3 2021 financial highlights

  • ASTS total revenue was $2.45 million in Q3 2021 compared to $2.09 million in Q3 2020.
  • Total operating expenses in Q3 2021 were $23.1 million compared to $6.45 million in Q3 2020.
  • As of September 30, 2021, the company had cash and cash equivalents of $360.4 million and no financial debt.
  • It suffered a net loss of $4.11 million in Q3 2021 compared to a net loss of $5.53 million in Q3 2020.

ASTS participation in the recent event

AST SpaceMobile, Inc. (ASTS) participated in Rakuten Optimism 2021 which was held on October 12, 2021. The Chairman and CEO, Abel Avellan presented the company during the event.

ASTS Q2 2021 financial results

On August 16, 2021, AST SpaceMobile, Inc. (ASTS), announced its financial results for the second quarter of 2021, which ended on June 30, 2021.

Q2 2021 financial highlights

  • ASTS reported total revenue of $2.77 million in Q2 2021 compared to $0.4 million in Q2 2020.
  • Total operating expenses were $25.1 million in Q2 2021 compared to $6.0 million in Q2 2020.
  • It suffered a net loss of $20.0 million in Q2 2021 compared to a net loss of $5.6 million in Q2 2020.
  • AST SpaceMobile ended the second quarter with cash and cash equivalents of $402.6 million and no financial debt.

Conclusion

Well, we have no recent news which could be linked with its poor performance on Friday. We hope that it will commence the Monday trading in a positive mode.

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About the company

AST SpaceMobile is building the first and only global broadband cellular network in space to operate directly with standard, unmodified mobile devices based on its extensive IP and patent portfolio. ASTS mission is to eliminate the connectivity gaps faced by today’s five billion mobile subscribers and finally bring broadband to the billions who remain unconnected.

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