Iridium Returns from the Space of Disgrace
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Ten years after suffering one of tech's most spectacular flameouts, satellite-calling provider Iridium Communications (IRDM) is staging a comeback. Its late-September public share sale has sparked hope for the larger satellite industry, long burdened by exorbitant startup costs and anemic demand.
Iridium raised $200 million in a Sept. 29 initial public offering after reinventing itself and wringing $54 million in profit from $320 million in sales last year.