WIFI - Why Boingo Wireless Stock Jumped 30% Higher Today
Shares of Boingo Wireless (NASDAQ: WIFI) jumped as much as 29.5% higher on Wednesday morning. At noon EST, the stock had settled down to a somewhat milder 23.3% gain. The provider of Wi-Fi networking and small-cellphone signal services in public places like airports, stadiums, and convention centers posted solid third-quarter earnings last night.
Boingo's revenues fell 1% year over year to $64.7 million, but the average analyst would have settled for $62.8 million. The bottom-line result was breakeven on an adjusted basis, also ahead of the Street consensus, which had been pointing to a net loss of $0.10 per share. In the year-ago period, Boingo recorded a loss of $0.01 per share.
Looking ahead, management narrowed its full-year revenue guidance by around $270 million, in line with the current analyst view. The full-year earnings target was also refocused to a net loss near $0.28 per share. Here the current Street projection calls for a larger loss of $0.31 per share.