Gogo Inc. says revenue soared in the first quarter on growing demand for its inflight wi-fi systems.
The Itasca company reported Monday revenue of $95.7 million in the quarter ended March 31, up 35 percent from revenue of $70.8 million a year earlier. The company cut its net loss by half to $16.9 million in the recent period compared with $32.5 million a year earlier.
“We had an excellent first quarter, during which we produced strong financial results, achieved several important technical and business milestones, and launched connectivity service on Delta’s international fleet,” Gogo’s president and CEO Michael Small said. “Our technology leadership, operational expertise, and suite of communications solutions continue to set us apart both in North America and internationally.”
Gogo had 2,056 commercial airliners in North America online as of March 31, up about 9 percent. It had 2,250 business jets on its air-to-ground system, an increase of 45 percent from a year earlier, and 5,252 business jets on its satellite systems, up about 4 percent.
The company recently announced Boeing Co. has agreed to test Gogo’s inflight system and consider making it an option on Boeing planes.
Meanwhile, Gogo’s share price took a hit after AT&T and Honeywell International announced plans to develop a competing inflight entertainment system.