NEW YORK, NY / ACCESSWIRE / May 8, 2017 / Gogo Inc. advanced after the company posted its latest quarterly report. A revenue beat plus a raised guidance looking forward kept traders happy. Sierra Wireless also shares climb higher on Friday and even flirted with creating a new 52-week high.
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Sierra Wireless, Inc.
Gogo Inc. closed up 2.88% on Friday despite reporting a loss in its first quarter earnings report last Thursday. A loss of $41.4 million in Q1 didn't get traders down. The company's loss of 52 cents per share was still in line with Wall Street's estimates. According to the Zacks' consensus, eight analysts surveyed had called for an average of a 52 cent loss as well. What really helped the stock was the fact that the provider of in-flight broadband Internet service and other connectivity services, posted revenue of $165.4 million. This came in well above the $160.8 million that eight analysts surveyed by Zacks had called for. The company has also raised its full-year outlook and is now expecting a range of $670 million to $695 million. Since the beginning of the year, Gogo shares have climbed 43.4% and in the last twelve months have seen a rise of 31.7%.
Sierra Wireless, Inc. shares closed up 14.72% on Friday and came close to a new 52-week high after reporting strong first quarter results. The multinational wireless communications equipment designer posted revenue of $161.8 million, which was a 13.3% increase from a year ago. The jump was attributed to the company's OEM Solutions seeing a 10% growth year over year to $133 million. Revenue for the quarter also beat the company's own guidance last quarter which called for revenue of $152 million to $161 million. CEO Jason Cohenour stated, "Our year-over-year revenue growth combined with strong gross margin and good cost management led to profitability results that were significantly above our expectations with adjusted EBITDA of $12.4 million and non-GAAP EPS of $0.24." Looking ahead for the present quarter, Sierra Wireless is calling for revenue in between $165 million to $175 million with adjusted earnings per share of $0.24 to $0.32.
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