Boingo Earnings Beat ExpectationsThursday, August 8, 2013
Boingo Wireless looks to be recovering from its early-year slump.
The Westwood Wi-Fi provider on Thursday reported a second quarter net loss of $400,000 (-1 cent per share), compared with a net income of $1.5 million (4 cents) for the same period last year. That was in line with analysts' estimates.
Quarterly revenue exceeded the company’s guidance and Wall Street estimates by growing nearly 8 percent to $26.2 million.
This is the second straight quarter that Boingo has exceeded expectations, giving the company a needed boost after suffering from the proliferation of free Wi-Fi hot spots.
During the quarter, Boingo announced a number of new clients, including Samsung Electronics American Inc., which will provide a year of free Wi-Fi to some Galaxy tablet and phone users.
Boingo also was hired by the University of Arizona and Memphis-Shelby Airport Authority to develop and manage distributed antenna systems, which will provide voice and data coverage, at both locations.
"Our positive momentum continued through the second quarter, with all three major lines of business– retail, wholesale, and advertising – contributing to our overall performance," Boingo Chief Executive David Hagan said in a statement.
The company reiterated its 2013 guidance, reporting that it expects annual net income between $1 million and $3 million on revenue between $106 million and $110 million.
Boingo's stock was up 39 cents, or more than 5 percent, to around $7.90 in after-hours trading Thursday.