Gogo sets new sales record, boosts guidance

BROOMFIELD — Gogo Inc. (Nasdaq: GOGO), a provider of broadband connectivity services for the business-aviation market, posted record revenues in the third quarter of 2022 and has increased its full-year sales projection.

The company posted $105.3 million in sales in the most recent period, a 21% boost compared with the third quarter of 2021. 

Gogo said that improvement was “fueled by strong growth in both service and equipment revenue.”

Net income from continuing operations increased in the third quarter of 2022 to $20.2 million from $19.7 million during the same period last year.

“Gogo’s record Avance equipment [the company’s air-to-ground in-flight WiFi product] shipments in the third quarter underscore our ability to execute in a robust, underpenetrated Business Aviation market,” Gogo CEO Oakleigh Thorne said in a prepared statement. “Looking ahead, the roll-out of commercial Gogo 5G services and our LEO-based global broadband offering [a product introduced this year that takes advantage of low-Earth-orbit satellite networks] will continue to elevate our performance and expand our addressable market.” 

Gogo is bumping its full-year 2022 revenue guidance up to a range of $395 million to $405 million. Previous projections were in the $390 million to $400 million range. 

Gogo stock closed Tuesday at $15 per share. It is up 11.3% year-to-date.

Source: BizWest

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