Gogo stock jumps after Q1 revenue estimate

BROOMFIELD — Gogo’s stock price spiked Monday and early Tuesday — up as much as 20 percent — after the company released better than expected revenue estimates for the first quarter of fiscal year 2019.

Gogo Inc. (NASDAQ: GOGO), which provides broadband connectivity products and services for aviation, posted estimated consolidated quarterly revenue of $197 million to $200 million and a consolidated net loss of $17 million to $20 million, down from a loss of more than $27 million during the same quarter in fiscal year 2018.

“The combination of better than expected commercial aviation service revenue and lower than expected overall operating and satcom costs contributed to our much better than expected preliminary adjusted EBITDA in the first quarter,” CEO Oakleigh Thorne said in a prepared statement. “Our focus on cost management and operational execution continues to drive financial momentum.”

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Gogo, which has operations in Chicago and Broomfield, will release complete financial results for the first quarter of 2019 on May 9.