Welcome to our dedicated page for Gogo news (Ticker: GOGO), a resource for investors and traders seeking the latest updates and insights on Gogo stock.
Gogo Inc. (NASDAQ: GOGO) is a provider of in-flight connectivity services and equipment for business aviation and military/government aviation. This news page aggregates company press releases and other coverage so readers can follow how Gogo develops and deploys its Air-to-Ground (ATG) and satellite-based connectivity solutions.
Recent Gogo news has highlighted progress on its next-generation 5G ATG network for aircraft flying predominantly in North America, including terrestrial and flight testing, validation of performance, and the onboarding of initial customers. Updates also cover the company’s Gogo Galileo LEO satellite offering, with HDX and FDX electronically steered antennas, Supplemental Type Certificates (STCs) for various business jet types, and antenna shipments and activations.
Investors and aviation professionals can also find announcements about Plane Simple Ka-band terminals for aircraft such as the Dassault Falcon 7X and 8X, government contracts awarded to SD Government (SDG) for multi-orbit airborne communications, and milestones in Gogo’s FCC Rip & Replace program as it upgrades its legacy EVDO network to LTE technology. Financial results releases, guidance updates, and information on acquisitions such as Satcom Direct are typically communicated through quarterly earnings news and related materials.
By reviewing the GOGO news feed, readers can monitor developments in Gogo’s connectivity product roadmap, government and business aviation contracts, network testing milestones, and other material events disclosed by the company.
Gogo Business Aviation announced a significant milestone, with its AVANCE L5 system now installed on 1,000 business jets, marking the fastest adoption of any high-speed inflight connectivity system in the industry. The AVANCE L3 system also nears 450 installations, totaling nearly 1,500 systems. Since its launch, the L5 has powered over 325,000 flights and delivered 150 million megabytes of data. Despite challenges from the COVID-19 pandemic, demand for Gogo's systems remains strong, supported by over 200 FAA STC approvals, enhancing its position in inflight connectivity.
Gogo (GOGO) reported Q2 2020 results with a consolidated revenue of $96.6 million, a 55% decline from Q2 2019, primarily due to COVID-19. The net loss increased to $86.0 million, and adjusted EBITDA was negative $15.9 million. Despite challenges, Gogo's cost control measures yielded a 27% decrease in expenses from Q1 2020. Gogo retains $156.3 million in cash but has initiated a reduction in workforce and is working to sell its CA division. Management is optimistic about recovery in business aviation as July trends improve.
Gogo Inc. (NASDAQ: GOGO) will release its second quarter 2020 financial results on August 10, 2020, before market opening. A conference call for financial analysts is scheduled for the same day at 8:30 a.m. EDT. Gogo is recognized as a leading provider of broadband connectivity in aviation, offering innovative network solutions and customizable services. The company's mission is to enhance flight operations and passenger experiences. A web cast of the call will be accessible online for participants.
On July 30, 2020, Gogo Inc. (NASDAQ: GOGO) announced further personnel actions in response to COVID-19's impact on commercial aviation. The company will eliminate 143 full-time positions, representing 14% of its workforce, mainly in Commercial Aviation. This decision aligns with Gogo's ongoing 16-lever cost reduction strategy aimed at preserving financial flexibility while maintaining service quality. The workforce reduction will be effective on August 14, 2020, and additional measures include furloughs and salary reductions.
Gogo (NASDAQ: GOGO) has announced a significant enhancement to its connectivity services, lowering the altitude for in-flight internet access from 10,000 feet to 3,000 feet AGL, effective July 20, 2020. This change allows passengers to enjoy an additional 15-20 minutes of connectivity on many flights, particularly benefiting those on shorter routes. Approximately 1,300 AVANCE systems and 650 regional jets will be impacted. The upgrade requires no additional fees and will be implemented through software updates, improving customer experience and service for airline partners.