Gogo Shares Rise 57% After FCC Renews Licenses

Gogo shares climbed after the Federal Communications Commission renewed the company’s Commercial Aviation Air-Ground Radiotelephone licenses for another 10 years, covering its exclusive 800 MHz air-to-ground spectrum in the U.S. and its network of 150 towers.

Today, 22:00· Money Talk· 430 reads

Gogo Shares Rise 57% After FCC Renews Licenses

Shares were recently up 57% at $3.56, though they remained about 24% lower year to date.

Gogo said the renewal supports the transition of legacy air-to-ground customers to its AVANCE platform and complements its Gogo Galileo low-Earth-orbit satellite service. The company also reported third-quarter revenue of $213.2 million, a 4.6% decline. Its quarterly loss was two cents a share, compared with a loss of one cent a share a year earlier.

Separately, Gogo amended its $600 million Term Loan B, extending the loan’s maturity to October 2030.

Gogo Shares Rise 57% After FCC Renews Licenses

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