Iridium reports growth in 2Q 2009

Iridium Satellite LLC released its operating and financial results for the 2nd quarter 2009. Although the number of subscribers rose by healthy 23.9% to 347,000 (compared to the same period of 2008), the revenue remained flat, growing  by just 1.2% to $82.7 million. Still, the net income jumped by more than 50% to $28.6 million, which is quite impressive.

By attracting new subscribers and releasing new products and services (such as the Iridium 9555 handset and the OpenPort maritime communications system) in the last several quarters, Iridium is going to be well positioned to enjoy recovery in the global economic climate.