Gogo stock was soaring on Tuesday following the release of an extremely strong earnings report for the third quarter of 2018.
Gogo (NASDAQ:GOGO) reported losses per share of 47 cents for the third quarter of the year. This is an improvement over the company’s losses per share of 57 cents from the same time last year. It was also good news for GOGO stock by easily beating Wall Street’s losses per share estimate of 72 cents for the quarter.
Gogo’s earnings report for the third quarter of 2018 also includes a net loss of $37.72 million. This is better than the company’s net loss of $45.28 million from the third quarter of 2017.
Operating loss reported by Gogo in the third quarter of the year came in at $7.61 million. The in-flight broadband internet company reported an operating loss of $17.80 million for the same period of the year prior.
Gogo also reported revenue of $217.28 million for the third quarter of 2018. This is up from the company’s revenue of $172.87 million reported in the third quarter of the previous year. It also was a blessing for GOGO stock by coming in above analysts’ revenue estimate of $210.82 million for the third quarter of the year.
Gogo updated its outlook for the full year of 2018 in its most recent earnings report. The company says it now expects Adjusted EBITDA for the year to range from $45 million to $60 million. It was previously expecting Adjusted EBITDA for the year to range from $35 million to $45 million.
GOGO stock was up 25% as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.