Starry stock climbs 32% after collapsing last week in wake of business update

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Troubled broadband provider Starry (NYSE:STRY) saw its stock climb 32% on Friday as shares continue to trade under $1 in the wake of news that it’s slashing its workforce to save cash.

Shares of Starry opened at $0.28, hitting a high of $0.41 in late morning trading. The stock recently traded at $0.37 at approximately 12:25 p.m. ET.

Starry shares plunged on Oct. 21 after the company reported it was cutting its workforce by around 50% to limit its cash burn as it explored “strategic options.” The company attributed its financial woes to “an extremely difficult economic climate and capital environment.”

Starry’s stock has traded below $1 since the announcement, hitting a 52-week low of $0.27 on Thursday. The stock reached an all-time high on June 3 of $10.90. The company went public on March 29 through a merger with SPAC FirstMark Horizon.

Starry is slated to release its Q3 earnings report before market open on Nov. 2.

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