Gogo Inc (GOGO)

Gogo Inc. Stock (GOGO) dropped by 5.46% from $10.62 to $10.04 in the trading on Tuesday November 7, 2023. The reason why GOGO stock down today is due to its mixed quarterly results and FY23 outlook cut.

• Revenue growth of 7% year-on-year to $97.9 million, missing the consensus of $103.8 million. EPS of $0.16 beat the consensus of $0.14.
• Service revenue grew 6% Y/Y to $79.5 million. Equipment revenue declined by 39% Y/Y to $18.4 million..
• FY23 Outlook: Gogo cut the FY23 revenue outlook to $390 - $400 million (prior $410 - $420 million) vs consensus $439.01 million.

Gogo Inc. (GOGO) stocks fell 18.34% to $12.56 after the company reported mixed second-quarter results and cut its FY23 and long-term growth targets. It declared second-quarter FY23 revenue growth of 6% year-on-year to $103.2 million, marginally missing the consensus of $103.25 million.

https://www.benzinga.com/markets/cryptocurrency/23/08/33602277/paypal-unveils-usd-backed-stablecoin-trucking-firm-yellow-corp-files-for-bankruptcy-fda-ap

Gogo Inc (GOGO) stock fell 4.74% on Jul 31, reaching an oversold RSI of 28.8 with shares trading as low as $15.045 per share. The decline continued due to a delay in the Gogo 5G system launch caused by a design error in a non-5G component.

https://finance.yahoo.com/news/gogo-provides-5g-launch-020400679.html

Shares of Gogo Business Aviation (GOGO) fell 8.98% following the company's announcement of the delay of its 5G system launch owing to a chip design error, which would cause a $7-million decrease in revenue.

https://www.marketwatch.com/story/gogo-shares-fall-14-after-delaying-5g-launch-due-to-chip-error-9c85a43a