Shares of in-flight internet provider Gogo Inc. (NASDAQ: GOGO) skyrocketed over 30% on Monday following the company's strong third-quarter 2024 earnings report. Gogo surpassed Wall Street's expectations across the board, fueling a surge in investor optimism about the resilient demand for its connectivity services.

For the third quarter, Gogo reported earnings per share of $0.08, handily beating analysts' consensus estimate of $0.05 by a wide 60% margin. The company's revenue of $100.5 million also exceeded forecasts, climbing 2.6% year-over-year and surpassing the $97.3 million analysts had projected.

The robust results and upside surprise underscore Gogo's ability to maintain its growth trajectory amid a challenging macroeconomic environment. Investors cheered the better-than-expected quarterly performance, interpreting it as a positive sign for the company's prospects going forward. Additionally, Gogo provided an upbeat full-year 2024 revenue outlook for its business aviation segment, forecasting revenue between $400 million and $410 million.