Gogo (NASDAQ: GOGO) reported its second quarter earnings on Monday. Shares of the company are down seven percent.
Below are some key highlights from its conference call:
Growth and Results:
• Q2 was another great quarter for Gogo.
• This was another great financial quarter for Gogo, we reported record quarterly revenue of $99.5 million.
• Our adjusted EBITDA of $3.1 million for the quarter was down $0.7 million versus last year.
• In addition, during the quarter, we introduced our next generation Iridium solutions.
• We achieved record revenue of $99.5 million for the quarter, up 25 percent, versus a second quarter of last year.
• In July, we announced a $75 million increase in our credit facility.
• Our CA-North America segment profit more than doubled to $6.4 million for the quarter versus $2.7 million a year ago.
• Our segment profit margin doubled to 10 percent, up from 5 percent a year ago.
• Needless to say, we are very pleased with these results.
• Our net loss attributable to common stock to the quarter decreased to $18.7 million or $0.22 per share versus a $72.6 million loss or $4.98 per share loss for Q2 of last year.
Three Main Goals for the Quarter:
• First, sign new aircraft;
• Second, trade more in lower-cost bandwidth;
• Third, continue to hit our numbers.
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