Shares of AST SpaceMobile (NASDAQ:ASTS) tanked in today’s trading session after it reported earnings for Fiscal Year 2022. Earnings per share came in at -$0.58 with revenue of $13.83 million. This missed EPS estimates of -$0.42, while revenue was in line with expectations.
The company saw no revenue in the fourth quarter, and the net loss increased to $8.23 million versus the $3.11 million loss seen in Q4 2021. Nevertheless, CEO Abel Avellan believes the company is on track, stating, “The testing to date for BlueWalker 3 continues to validate the design roadmap for our BlueBird commercial satellites.”
However, investors don’t seem convinced, as ASTS stock is down over 17% so far in today’s trading session. Indeed, shares are now down over 10% over the past five trading days.