Gogo Inc (NASDAQ:GOGO) shares were soaring on Thursday as the company posted its latest quarterly earnings results.
The company — which provides Internet service on flights — posted a loss of $41.4 million, while adjusted EBITDA fell to $10.7 million. The figure was below the $11.9 million that the consensus estimate had called for.
However, Gogo’s earnings miss was counterbalanced with a strong revenue that rose nearly 17%, topping expectations and beating the year-ago figures across all its segments.
Revenue in the company’s Service segment came in at $146.5 million, which marked a 23.4% surge compared to the year-ago figure. Meanwhile, Equipment revenue totaled $18.9 million, which was a 17.9% decline year-over-year.
Gogo restates its full-year outlook, which includes revenue in the range of $670 million to $695 million, marking a 12% to 17% year-over-year increase. The consensus estimate for revenue is set at $676.9 million.
Meanwhile, EBITDA for the fiscal year 2017 will be in the range of $60 million to $75 million, which is in line with the $67 million that Wall Street expects.
Gogo’s headquarters are located in Chicago, Illinois, and the company offers in-flight Wi-Fi service to a number of aircrafts, including commercial flights, as well as planes designed to carry passengers who are on business trips.
GOGO stock fell 9.8% during Thursday’s trading hours.