TSAT - Why Telesat Stock Rocketed 50 Percent Today
2023-08-11 12:10:33 ET
Shares of Telesat (NASDAQ: TSAT) exploded 50.2% higher as of 10:45 a.m. ET on Friday after the tiny satellite communications company reported its financial results for the second quarter. But Telesat stock didn't jump just because of those results, it jumped because the company just found $2 billion under the couch cushions.
Telesat reported $179.8 million in Canadian dollars ($134 million) in revenue for the second quarter, down 4% year over year. Earnings, on the other hand, flipped from a US$3.3 million loss a year ago to a $387.5 million profit .
That's $7.50 per share in profit for a stock that cost barely $8 before earnings came out.
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Why Telesat Stock Rocketed 50 Percent Today