Gogo’s guidance descends for full-year 2024
BROOMFIELD — Gogo Inc.’s (Nasdaq: GOGO) second-quarter revenues were mostly flat year over year, but the Broomfield-based provider of broadband connectivity services for the business aviation market lowered its full-year 2024 sales guidance.
The company’s second-quarter sales were $102.1 million, down 1% from the same period in 2023.
The company’s net income for the most-recent period was $800,000, down from $89.8 million in the second quarter of last year.
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“Net income in the second quarter of 2024 included $11.0 million of an after-tax unrealized loss related to a fair market value adjustment to a convertible note investment compared with a $9.9 million after-tax unrealized gain related to that investment in Q1 2024,” the company said in its quarterly report. “Net income in Q2 2023 included a tax benefit of $63.8 million.”
Gogo dropped its fiscal 2024 revenue-guidance range from $410 million-$425 million to $400 million-$410 million.