Gogo sales, earnings nosedive in fourth quarter

BROOMFIELD — Gogo Inc. (Nasdaq: GOGO), a Broomfield-based provider of broadband connectivity services for the business aviation market, experienced some turbulence in the fourth quarter of 2023 as both its sales and net income fell year over year. 

The company posted total revenue of $97.8 million, down 10% from the same period last year.

Net income in the fourth quarter of 2023 was $14.5 million, a drop of 48% from 2022.

“The launches of Gogo Galileo and Gogo 5G later this year will provide order-of-magnitude improvements in the network speeds we deliver to customers and significantly increase our global total addressable market,” Gogo CEO Oakleigh Thorne said in a prepared statement. “And our LTE replacement program will drive conversion of our classic product customers to our AVANCE platform, which will provide them with easy upgrade pathways to 5G and Galileo in the future.”

For the full 2023 fiscal year, Gogo’s sales were $397.6 million, down 2% from 2022.

Net income, on the plus side, jumped from $92.1 million in 2022 to $145.7 million last year.

“Gogo’s strategic investments will decline significantly after 2024, allowing for further flexibility for the return of capital to shareholders,” Gogo chief financial officer Jessi Betjemann said in a statement. 

Gogo is anticipating $410 million to $425 million in total revenue for the 2024 fiscal year.

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