Globalstar shares jump on new iPhone satellite connection rumour
14:04, 30 August 2021
Globalstar shares soared more than 50% on Monday following a report that the company will work with Apple on its new iPhone to provide satellite connectivity.
It would mean users of the new device can make calls and send texts in areas where there is no 4G or 5G network coverage.
The report stemmed from TFI Securities analyst, Ming-Chi Kuo, who predicted in a note to investors on Sunday that Apple is "optimistic about the trend of satellite communications" and "will likely" include the ability to connect to extraterrestrial networks in its upcoming iPhone.
Globalstar response
However, when Capital.com spoke to Globalstar, it did not confirm the partnership.
"As you know there are frequent rumours in the market about the activities of all types of companies and as a matter of longstanding company policy we don’t comment on those rumors which periodically implicate Globalstar," a spokesperson said.
Apple is also yet to announce any details on the new device, that’s expected to launch later this year. It is also yet to have an official name although many are calling it the iPhone 13.