Boingo Wireless Inc (WIFI) Shares Soar on Q3 Earnings Beat

Shares surged more than 13% on narrower-than-expected loss

By Karl Utermohlen, InvestorPlace Writer

Boingo Wireless Inc (NASDAQ:WIFI) unveiled its third-quarter results recently, beating the consensus estimate on both the revenue and earnings front today.

Boingo Wireless Inc (WIFI)
Source: Flickr

The company reported earnings at a loss of nine cents per share, which was four cents narrower than the Wall Street projection of a loss of 13 cents per share. Revenue for the period came in at $53.66 million for the period, topping analysts’ projections of $50.22 million.

Boingo also had a negative return on equity of 23.73%, as well as a negative net margin of 11.75%. The revenue figures were up 31.5% compared to the year-ago period, while earnings were better than the year-ago loss of 15 cents per share.

For the fiscal year 2017, the company predicts that it will lose between 66 cents and 58 cents per share. CEO David Hagan expressed his hopes for the future in the company’s Military segment.

He said that these venues have the potential to improve Boingo’s business due to the fact that Military bases are another type of venue that the company can utilize to push its products and earn more out of.

“It goes without saying that we are extremely pleased with our Q3 financial results, which points to the strength of our overall business and the products and services driving these results, in particular DAS, Military and Carrier offload,” said CFO Peter Hofenier.

WIFI shares skyrocketed 13.5% during regular trading hours Friday.

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