Gogo posts record sales in second quarter

BROOMFIELD — Gogo Inc. (Nasdaq: GOGO), a provider of broadband connectivity services for the business aviation market that moved its headquarters to Broomfield from Chicago last year, posted record sales in the second quarter and topped Wall Street expectations.

Gogo recorded sales of $97.8 million in the second quarter, a quarterly record that represents an increase of 19% over the same period last year. The Zacks Consensus Estimate for revenue was $95.3 million.

Diluted earnings per share were 17 cents, beating the Zacks Consensus Estimate of 15 cents per share.

Gogo’s internet services are now in 6,654 aircraft, an increase of 10% compared to the second quarter of 2022 and 2% compared to the first quarter of this year.

“Customer excitement is growing as we prepare for the launch of Gogo 5G, which will provide a 5-10x bandwidth improvement for current Gogo customers,” said Oakleigh Thorne, chairman and CEO. “With the announcement of our global broadband initiative, we continue to leverage our AVANCE platform to provide an easy upgrade path for aircraft of all sizes to further boost performance and expand our addressable market.”

Gogo expects revenue to meet the high end of its previously guided range of $390 million to $400 million.

This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2022 BizWest Media LLC.

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