Why Gogo Stock Took Off Then Crashed Today
Shares of Gogo (NASDAQ: GOGO) initially took off by as much as 15% this morning after the company reported fourth-quarter earnings. The stock has since crashed and was down by 8% as of 11:30 a.m. EST.
Revenue in the fourth quarter declined 10% to $77.6 million, which was still better than the $69.1 million in sales that analysts were looking for. That resulted in an adjusted net loss per share of $0.11, which was worse than the $0.08 per share in adjusted net losses that Wall Street was expecting. The provider of in-flight Wi-Fi completed the sale of its commercial aviation (CA) business, which provided service to airline companies, for $400 million during the quarter.
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Source Fool.com
