Shares of satellite company Globalstar spiked after Apple announced a partnership to provide emergency services. Apple said the service will be available free of charge to customers who purchase an iPhone 14 for the first 2 years.
Shares of satellite company Globalstar Inc. spiked higher Wednesday after Apple Inc. announced a partnership with the satellite company to provide emergency services. After a wild ride, the stock ended Wednesday’s session down 1.9%.
Apple said the service will be available free of charge to customers who purchase an iPhone 14 for the first two years. Apple shares gained after the event ended, though were up less than 1%. They ended the session up 0.9%. The S&P 500 index SPX, +1.83% ended the day up 1.8%.In a filing, Globalstar explained that services are expected to be available to customers during the fourth quarter of 2022. Apple said the service would launch in the U.S. and Canada in November.
Other phone makers are also tapping satellite technology. Last month T-Mobile US Inc. TMUS, +2.53% and SpaceX announced a partnership that aims to connect the majority of smartphones already on T-Mobile’s network to SpaceX satellites.
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