Gogo Inc (NASDAQ:GOGO) stock was flying high on Monday following the release of its earnings report for the fourth quarter of 2016.
During the fourth quarter of 2016, Gogo Inc, a provider of wireless internet during flights, reported revenue of $160.00 million. This is an increase over its revenue of $115.93 million that was reported during the same time last year. It also came in above Wall Street’s revenue estimate of $152.07 million for the quarter.
Gogo Inc reported losses per share of 34 cents in the fourth quarter of the year. This is an improvement over the company’s losses per share of 43 cents from the fourth quarter of 2015. It also managed to come in above analysts’ losses per share estimate of 46 cents for the fourth quarter of 2016.
Gogo Inc reported an operating loss of $2.18 million for the fourth quarter of 2016. This is better than its operating loss of $14.92 million from the same period of the year prior. Net loss reported by the company for the quarter was $26.93 million. The tech company reported a net loss of $33.88 million during the same time last year.
Gogo Inc also released its guidance for the full year of 2017 in its most recent earnings report. The company is expecting revenue for the year to range between $670 million to $695 million. This represents a 12% to 17% increase over its revenue for the full year of 2016. It also comes in above Wall Street’s revenue estimate for the year, which sits at $663.99 million.
“With accelerated 2Ku installations and improved operating leverage, we now expect to become free cash flow positive in 2019, a year earlier than our prior guidance,” Norman Smagley, Executive Vice President and CFO of Gogo Inc, said in a statement.
GOGO stock was up 18% as of Noon Monday.