Shares of Globalstar soar 60% on rumor iPhone 13 will use satellites directly

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A shopper walks past an ad for Apple’s iPhone 12 outside a store in Hong Kong on May 24, 2021.
Budrul Chukrut | SOPA Images | LightRocket | Getty Images

Shares of Globalstar, a satellite services provider, soared 60% Monday following a report that the next iPhone will have the ability to utilize satellite communications.

TFI Securities analyst Ming-Chi Kuo 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.

The new iPhone is expected to launch this fall. Apple has not announced any details on the device yet. The phone doesn’t have an official name, but many are referring to as the iPhone 13 for now.

“If Apple enables the relevant software functions, iPhone 13 users can call and send messages via satellite when not within 4G/5G coverage,” Kuo wrote.

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