2023-04-28 11:13:06 ET
AST SpaceMobile (NASDAQ: ASTS) , a unique telecom company, was having a fine week on the stock exchange. Early Friday morning, the satellite telephony specialist's share price was up by nearly 21% week to date, according to data compiled by S&P Global Market Intelligence . The main catalyst was a successful test of its technology; encouraging preliminary financial results also helped.
AST aims to distinguish itself in the rather crowded telecom field by offering cellphone service not through the industry-standard terrestrial towers but via satellites orbiting in space.
So it was little wonder when the company's stock leaped higher on Tuesday, following its announcement that it had completed a cellphone call using those satellites. Specifically, the call was made from the company's home in Texas to Japan over AT&T spectrum with a Samsung Galaxy smartphone.
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Why AST SpaceMobile Stock Was Rocketing Higher This Week