Gogo Inc (GOGO) Shares Sink on Q2 Earnings Miss

GOGO missed EPS estimates by 6 cents

Gogo Inc (NASDAQ:GOGO) stock was down on Monday following the release of its earnings report for the second quarter of 2017.

During the second quarter of the year, Gogo Inc reported losses per share of 56 cents. This is a larger loss than its losses per share of 51 cents reported during the second quarter of 2016. It also didn’t help GOGO stock by coming in lower than Wall Street’s losses per share estimate of 50 cents for the quarter.

Revenue reported by Gogo Inc in its second quarter of 2017 was $172.80 million. This is an increase over its revenue of $147.53 million that was reported during the same time last year. It also came in above analysts’ revenue estimate of $167.63 million for the quarter, but wasn’t enough to save GOGO stock.

Gogo Inc reported an operating loss of $17.34 million in the second quarter of the year. The provider of wireless internet for airlines reported an operating loss of $7.10 million in the second quarter of the previous year.

A net loss of $44.21 million was reported by Gogo Inc during the second quarter of 2017. This is a heavier net loss than the $40.19 million that was reported by GOGO in the same period of the year prior.

Gogo Inc reaffirmed its outlook for 2017 in its most recent earnings report. This includes revenue for the year landing on the high end of its range of $670 million to $695 million for the year. Wall Street is looking for the company to report revenue of $685.57 million in 2017.

GOGO stock was down 5% as of Monday morning, but is up 35% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2017/08/gogo-inc-stock/.

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