Gogo Inc. (GOGO), a provider of broadband connectivity services for the business aviation market, Wednesday reported net income of $839,000 or $0.01 per share for the second quarter, significantly lower than $89.85 million or $0.67 per share a year ago. Last year's earnings had benefited from a tax benefit of $63.8 million. Earnings missed analysts' view. The company also cut its full-year revenue outlook.
Additionally, net income in the latest quarter included $11 million of unrealized loss related to a fair market value adjustment to a convertible note investment.
On average, 5 analysts were expecting earnings of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
Operating income declined to $21.68 million from $34.05 million in the previous year.
Revenue for the quarter dropped to $102.06 million from $103.22 million a year ago. The consensus estimate was for $99.01 million.
Service revenue increased 4 percent year-on-year to $81.9 million, while equipment revenue of $20.1 million declined 17 percent.
Looking ahead, the company now expects full-year revenue in the range of $400 million - $410 million, down from the previous guidance of $410 million - $425 million. The Street is looking for revenue of $418.79 million.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.