[Satellite Today 02-27-09] Despite a challenging global economy, Iridium posted strong financial results in 2008, driven by growth in all three of its key markets, the company announced Feb. 26.
    Iridium posted a 37 percent increase in subscribers over 2007, adding about 320,000 customers in 2008. Company revenue jumped 14 percent in the fourth quarter to $76.8 million. For the year, revenues grew 23 percent to $320.9 million.
    Net income was down 83 percent in the fourth quarter compared to the same quarter in 2007, driven primarily by expenses associated with the development of the Iridium Next constellation along with one-time costs associated the company’s plans to combine with GHL Acquisition Corp., which was announced in September.
    “Our performance is an indicator of the resilience of Iridium’s business model and the fundamental importance of our service to businesses, governments and individuals across the world," Iridium CEO Matt Desch said in a statement.