Shares of inflight broadband connectivity and wireless entertainment services provider Gogo Inc. (GOGO) are climbing more than 12% Thursday morning following better-than-expected second-quarter results.
Furthermore, the company has raised its revenue outlook for the full-year to the range of $325 million to $335 million from prior guidance of $310 million to $325 million. The consensus estimate of analysts surveyed by Thomsosn Reuters stands at $318.55 million.
Net loss was $69.25 million or $0.63 per share in the second quarter compared with net loss of $85.98 million or $1.03 per share in the same quarter a year ago, primarily due to a $79.6 million or $0.73 per share loss on extinguishment of debt and settlement of convertible notes.
Revenue for the quarter increased 16% year-over-year to $82.38 million.
Analysts expected the company to report loss of $0.04 per share on revenue of $75.14 million for the quarter.
"Accelerating business aviation demand and our industry-leading AVANCE platform drove Gogo's record results," said Oakleigh Thorne, Chairman and CEO of Gogo. "We'll further enhance the performance of AVANCE when we launch the Gogo 5G network in 2022."
GOGO, currently at $11.65, has been trading in the range of $3.16- $17.23 in the last one year.
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