Shares of Yelp Inc (NYSE:YELP) ended Thursday session in green amid volatile trading. The shares closed up +0.05 points or 0.13% at $38.48 with 1.23 million shares getting traded. Post opening the session at $38.23, the shares hit an intraday low of $37.58 and an intraday high of $38.52 and the price vacillated in this range throughout the day. The company has a market cap of $2.96 billion and the numbers of outstanding shares have been calculated to be 68.80 million shares.
Yelp Inc (YELP) announced that management will be attending the following investor conferences. Webcasts of the presentations will be available on the company’s investor relations website at http://www.yelp-ir.com under the Events and Presentations menu.
Tuesday, September 6, 2016 at 11:00 a.m. EDT – Citi Global Technology Conference in New York, NY.
Wednesday, September 14, 2016 at 11:50 a.m. PDT – Deutsche Bank Technology Conference in Las Vegas, NV.
Shares of Globalstar, Inc. (NYSEMKT:GSAT) ended Thursday session in green amid volatile trading. The shares closed up +0.04 points or 2.63% at $1.56 with 9.07 million shares getting traded. Post opening the session at $1.54, the shares hit an intraday low of $1.45 and an intraday high of $1.58 and the price vacillated in this range throughout the day. The company has a market cap of $1.77 billion and the numbers of outstanding shares have been calculated to be 946.27 million shares.
Globalstar, Inc. (GSAT) on Aug. 04, 2016 announced its financial results for the quarter ended June 30, 2016.
Jay Monroe, Chairman and CEO of Globalstar, commented, “Our quarterly financial results were strong as we saw growth in our subscriber base and an increase in ARPU across all revenue types. High margin service revenue, which increased 13%, contributed significantly to the improvement in our key operating metrics. Net income decreased from the second quarter of 2015 due to lower non-cash derivative valuation gains, while Adjusted EBITDA improved significantly due to increased service revenue as our costs were relatively flat. As we look at the future of our network, we have reached key milestones in our collaborative effort with Hughes Network Systems and Ericsson to complete the deployment of our second-generation ground infrastructure. We also continue to make significant progress in developing a new suite of revolutionary MSS products to expand our growth across Duplex, SPOT and commercial Simplex. Finally, as you all know, the FCC placed the TLPS draft order on circulation in May. We continue to engage with the Commission and are working on this effort every day to achieve a favorable outcome. As we have previously stated, given the current status of our proceeding and in deference to the Commission’s deliberative process, we will not provide additional comment on the subject at this time.”
SECOND QUARTER FINANCIAL REVIEW
Total revenue for the second quarter of 2016 was $25.1 million compared to $23.0 million for the second quarter of 2015, an increase of $2.1 million, or 9%. This increase was driven primarily by higher service revenue resulting from growth in our average subscriber base and in ARPU generated from all types of revenue. This increase in service revenue was offset partially by a decrease in revenue generated from equipment sales.
Service revenue increased $2.4 million, or 13%, to $21.0 million in the second quarter of 2016 compared to $18.6 million in the second quarter of 2015. This increase was driven primarily by growth in Duplex and SPOT service revenue, which each increased $1.1 million. Higher ARPU and average subscribers propelled this growth. The 16% increase in Duplex service revenue from the second quarter of 2015 was driven by a 7% increase in average subscribers and an 8% increase in ARPU. Our Duplex subscriber base grew due to the 22,000 gross subscribers we added to the network during the last 12 months, despite elevated churn levels as we deactivated certain nonpaying subscribers through more aggressive collections procedures instituted earlier this year. The increase in Duplex ARPU was due primarily to the mix and life cycle of our subscribers’ rate plans. Over the past several quarters, our annual, usage-based plans have increased substantially in popularity. These plans result in higher service revenue recognized in seasonally stronger months due to increased usage as well as expiration of unused minutes on the anniversary date of the customer’s contract. The 14% increase in SPOT service revenue from the second quarter of 2015 was driven by a 9% increase in average subscribers and a 5% increase in ARPU. Growth in our SPOT subscriber base was driven by continued strong consumer velocity, which is measured by the number of subscriber activations. Higher SPOT ARPU was driven primarily by the significant number of SPOT Gen3TM sales over the past 12 months. We sell SPOT Gen3TM with a higher annual rate plan compared to other SPOT products due to its enhanced tracking features. Also contributing to the increase in total service revenue was a $0.4 million increase in Simplex service revenue, which was offset largely by a $0.3 million decrease in other service revenue.