Here's Why Gogo Shares Are Trading Higher Today
$FLOW
$GOGO
Industrial Machinery/Components
Capital Goods
Telecommunications Equipment
Consumer Discretionary
- Gogo Inc (NASDAQ:GOGO) would replace SPX FLOW Inc (NYSE:FLOW) in the S&P SmallCap 600 effective before trading on April 8.
- Lone Star Funds acquired SPX Flow. The transaction closed on April 5.
- Gogo is an in-flight connectivity system and service provider.
- Gogo beat Q4 consensus clocking 19% revenue growth in Q4 FY21.
- Service revenue grew 22% Y/Y to $69.3 million. Equipment revenue rose 11% Y/Y to $23 million.
- "Demand for connectivity in business aviation, combined with the excellent performance of our AVANCE platform, are driving record sales of equipment and high-margin service plans for Gogo," said Oakleigh Thorne, Chair and CEO. "We remain on track for commercial deployment of our 5G ATG network in the second half of 2022, which we expect to further accelerate our growth."
- Price Action: GOGO shares traded higher by 12% at $21.50 on the last check Wednesday.