Qualcomm terminates satellite-messaging partnership with Iridium; Iridium pivots to direct OEM engagement

Iridium Communications Inc.

Qualcomm notified Iridium of termination of agreements for satellite messaging in smartphones, effective Dec 3, 2023.
Iridium says smartphone manufacturers did not adopt the technology despite successful test.
Iridium will now directly re-engage with smartphone OEMs, chipmakers, and OS developers.
Full-year 2023 financial guidance reaffirmed; long-term targets of ~$1B service revenue by 2030 and ~$3B shareholder returns through 2030 unchanged.
Iridium plans to pursue new relationships for its existing and future services, including Narrowband Non-Terrestrial-Network development.

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