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Tech Stocks Newsbeat! Gogo Inc (GOGO), 58.com Inc (WUBA)

Shares of Gogo Inc (NASDAQ:GOGO) increased -0.09% and closed at $10.75 after opening 10.83 with the overall traded volume of 567,669.00 shares. The company’s Market capitalization reached to $927.26 million, $86.18 million outstanding shares. Its low price was $10.75 and highest price was $10.91. The Distance from 50 day Simple moving average was -7.73% and Distance from 200 day Simple moving average -3.35%.The EPS is -1.61.

Gogo Inc (GOGO) announced that it is developing its next generation ground-based technology to better serve the connectivity needs of business and commercial aviation in North America.

This technology will offer a ground-like performance, including the ability to stream videos, for business aviation aircraft, commercial regional jets and select narrow-body aircraft operating within the United States and Canada.

“Gogo continues to bring the best in-flight connectivity technologies to market,” said Michael Small, Gogo’s president and CEO.  “We now have upgrade paths to more than 100 Mbps for both our North American ground-based and our global satellite networks.”

The new network will use unlicensed spectrum, a proprietary modem and a new beam-forming antenna to produce peak network speeds of more than 100 Mbps.  This next generation ground-based network for the aero market will utilize LTE technology and leverage Gogo’s existing first generation North American network and infrastructure of more than 250 towers.

Shares of 58.com Inc (ADR) (NYSE:WUBA) increased 1.13% and closed at $45.62 after opening 45.67 with the overall traded volume of 512,084.00 shares. The company’s Market capitalization reached to $6.65 billion, $232.51 million outstanding shares. Its low price was $45.11 and highest price was $46.39. The Distance from 50 day Simple moving average was -6.08% and Distance from 200 day Simple moving average was -11.88%. The EPS is -1.87.

58.com Inc (ADR) (WUBA) reported its unaudited financial results for the second quarter ended June 30, 2016.

Second Quarter 2016 Financial Highlights

  • Total revenues were US$297.8 million, an 86.7% increase from the same quarter last year, in line with the Company’s guidance of US$296.0 million to US$303.0 million.
  • Gross margin was 91.8%, compared with 93.7% in the same quarter of 2015.
  • Income from operations was US$35.5 million, compared with loss from operations of US$35.8 million in the same quarter of 2015.
  • Non-GAAP income from operations was US$55.3 million, compared with non-GAAP loss from operations of US$30.3 million in the same quarter of 2015.
  • Net income attributable to 58.com Inc. was US$13.9 million, compared with net loss attributable to 58.com Inc. of US$26.9 million in the same quarter of 2015.
  • Non-GAAP net income attributable to 58.com Inc. was US$21.7 million, compared with non-GAAP net loss attributable to 58.com Inc. of US$20.8 million in the same quarter of 2015.

 

About Anthony Davis

Anthony Davis has been a contributor on technology for us since from day one. Anthony Davis has provided his services independently. His educational background in technology has given him a broad base of writing columns on technology.

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