![Gogo Inc. [GOGO] reports annual net loss of $145.7 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FGOGO.png&w=1200&q=75)
Gogo Inc. [GOGO] has reported a net loss of $145.7 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $397.6 million
Based in BROOMFIELD, Colorado, Gogo Inc. operates in the TRANSPORT sector.
The consolidated income statement for the company's annual period ending December 31, 2023, revealed a total revenue of $397.6 million, a slight decrease from the $404.1 million reported in the previous year 2022 and a notable increase from $335.7 million in 2021.
Cost of service revenue for the current period stood at $69.6 million, representing a slight increase from $64.4 million in the previous year and a significant rise from $56.1 million in 2021. Similarly, the cost of equipment revenue was $63.4 million, down from $71.5 million in the prior year but higher than the $46.1 million reported in 2021.
Operating income for the current reporting period was $124.2 million, showing a decrease from $142.3 million in the previous year and an increase from $120.6 million in 2021.
Other expenses amounted to $26.6 million in the current period, down from $36.6 million in the previous year and significantly lower than the $151.3 million reported in 2021. The company reported net income of $145.7 million for the current period, an improvement from $92.1 million in the previous year and slightly lower than $152.7 million in 2021.
Earnings per share (EPS) for basic and diluted amounts for the current period were $1.12 and $1.09, respectively, compared to $0.75 and $0.71 in the previous year. In contrast, the EPS for discontinued operations remained stable at $0 in both the current and previous years.
The company's basic weighted-average common shares outstanding increased to 129,753 in the current period from 123,268 in the previous year, while diluted weighted-average common shares outstanding slightly decreased to 133,283 from 133,923 in the previous year.
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