Gogo Inc (NASDAQ:GOGO) stock was up on Thursday after the company released its earnings report for the second quarter of 2016.
Gogo, a provider of airline internet solutions, reported revenue of $147.5 million during the second quarter of 2016. This is a 22% increase over the $121.2 million it reported in the second quarter of 2015. It also came in above the $141.46 million that Wall Street was expecting for the period.
Gogo reported a loss of $40.2 million, or 51 cents per share, during its second quarter of the year. This is worse than its loss of $24.8 million, or 32 cents per share, reported during the same time last year. It also failed to meet the average estimate, which had its loss for the quarter being 41 cents per share.
The company said that it suffered a $15.4 million charge for the extinguishment of some of its debt. This caused its losses to increase by 20 cent per share for the second quarter of 2016.
“We are very pleased to announce that our next generation 2Ku technology is now flying on Aeromexico, Delta, and Virgin Atlantic aircraft,” Michael Small, Gogo’s President and CEO, said in a statement. “We are focused on installing our 1,200 2Ku awarded aircraft, continuing our global expansion, and winning new international airlines.”
Norman Smagley, GOGO’s Executive Vice President and CFO, said the company is planning to “more aggressively roll out” its 2Ku and continue with its internal expansion. He also noted that it expects revenue in 2016 to be above its midpoint guidance.
Gogo’s guidance for 2016 has revenue falling between $575 million and $595 million. It’s recent update means that it expects revenue to be above $585 million for 2016. Wall Street is expecting revenue of $585.11 million for the year.
GOGO stock was up 13% as of Thursday afternoon.
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