GOGO Stock Takes Off on Earnings Beat

It is facing a challenge from AT&T and Honeywell

On Monday, in-flight telecommunications service provider Gogo (GOGO) reported a smaller-than-expected first-quarter loss on higher revenue. GOGO stock jumped more than 8% in pre-market trading on the news.

GogoGOGO stock climbed after the company posted a loss of 20 cents per share during the quarter. That beat the loss of between 24 cents and 26 cents per share that Wall Street had expected, the Chicago Tribune noted.

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During the quarter, GOGO said it generated revenue of $95.7 million, up 35% year-over-year.

GOGO shares tumbled in April after AT&T (T) and Honeywell (HON) said they would join forces to develop a rival in-flight internet and communications service.

New entrants to the market could face hurdles. GOGO’s broadband service is currently featured on 2,000 commercial jets.

GOGO stock closed at $12.23 on Friday.

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Article printed from InvestorPlace Media, https://investorplace.com/2014/05/gogo-stock-takes-earnings-beat/.

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