AST SpaceMobile Stock Reverses Higher Despite Missing on Both Top and Bottom Lines

AST SpaceMobile Inc. (NASDAQ: ASTS ) shares are trading higher Tuesday, reversing an initial decline after the company reported second-quarter results Monday after the market closed. AST SpaceMobile stock is building positive momentum. Why is ASTS stock trading higher? Q2 Results Miss Estimates; Backlog Grows to $1.3B AST SpaceMobile reported an adjusted loss of 35 cents per share, missing the consensus estimate of a 28-cent loss. In addition, the company reported revenue of $31.52 million, missing the consensus estimate of $34.977 million. Revenue backlog increased to approximately $1.3 billion in aggregate contracted revenue, spanning commercial partners and contract awards with the U.S. government. “AST SpaceMobile’s differentiated technology platform and deep intellectual property portfolio, partner-first mobile network operator strategy, vertically integrated manufact...