Iridium Says Sales Grew, Profit Fell
Bethesda-based Iridium Satellite said first-quarter revenue grew 2 percent, to $75.8 million, while profit fell almost 42 percent, to $9.7 million. The company attributed the profit decline to expenses related to its next-generation satellite program. Iridium, a private company that provides voice and other communications services via satellite, said subscribers were up 31.2 percent from the year-earlier quarter. It expects to continue growing this year, though it said the economic downturn is affecting equipment sales.
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