Gogo’s loss widens as revenue increases

SHARE Gogo’s loss widens as revenue increases
SHARE Gogo’s loss widens as revenue increases

Inflight Wi-Fi provider Gogo Inc.’s net loss widened in the third quarter even as the company reported its first quarter of more than $100 million in revenue.

The Itasca-based company reported a net loss of $24.9 million, or 29 cents a share, on revenue of $104 million in the three months ended Sept. 30. A year earlier, the company had a net loss of $18.7 million, or 22 cents a share, on revenue of $85.4 million.

“We had another strong quarter as we announced airline partnerships with Virgin Atlantic and Vietnam Airlines, signed agreements with Air Canada and AeroMexico, and in October, announced that we expanded our partnership with United Airlines to include its regional jet fleet,” Gogo president and CEO Michael Small said in a statement.

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Gogo’s revenue forecast for the year remained unchanged at between $400 milllion and $422 million. The company reduced its capital expenditure forecast by $5 million to between $100 million and $120 million.

“Our strong revenue growth coupled with the multiple wins across geographies, technologies, and product offerings give us great momentum heading into the fourth quarter and next year,” Small said.

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