By Chris Wack
Gogo shares were rose after the company reported third-quarter earnings that beat analysts' expectations.
Shares were up 30% to $8.53 in recent trading. The stock is down 15.5% this year.
The aviation technology company said it had earnings of $10.6 million, or 8 cents a share, compared with earnings of $20.9 million, or 16 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $17.3 million, or 4 cents a share.
Revenue for the quarter was $100.5 million, compared with last year's $97.9 million and the $97.3 million analysts had expected.
The Broomfield, Colo., company said it is expecting 2024 revenue of $400 million to $410 million, compared with the $400.6 million analysts have forecast.
Gogo said revenue was higher this quarter because service revenue was up 3% compared to last year, and equipment revenue was 1% higher.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
November 05, 2024 10:55 ET (15:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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