- The stock price of Gilat Satellite Networks Ltd. (NASDAQ: GILT) increased by over 18% during intraday trading today. This is why it happened.
The stock price of Gilat Satellite Networks Ltd. (NASDAQ: GILT) – a worldwide leader in satellite networking technology, solutions, and services – increased by over 18% during intraday trading today. Investors are responding positively to Gilat Satellite Networks announcing that one of the world’s largest Mobile Network Operators (MNOs) will deploy 4G cellular backhaul over satellite technology from Gilat.
The top-tier MNO – serving hundreds of millions of subscribers in Asia – will implement Gilat’s SkyEdge II-c system and Capricorn Outdoor VSATs, which will enable improved Voice and Data over LTE services for its mobile subscribers. And this 4G cellular backhaul solution over satellite is expected to be deployed in the first quarter of 2022.
“This new deal represents a major market penetration achievement with significant upside potential for Gilat. Already proven worldwide with market adoption of about 80%, our industry-leading 4G cellular backhaul over satellite solution was selected because of its superior technology and proven track record. We expect to see an expansion of business with this top-tier MNO, and other MNOs throughout the world, as we move forward into 2022.”
— Michal Aharonov, Chief Commercial Officer at Gilat
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