WIFI - Why Boingo Wireless Stock Skyrocketed Today
Shares of Boingo Wireless (NASDAQ: WIFI) have skyrocketed today, up by 24% as of 12:15 p.m. EST, after the company reported fourth-quarter earnings. The results were less relevant than news that Boingo Wireless is going private in an $854 million deal.
Revenue in 2020 declined 10% to $237.4 million, which resulted in a net loss of $17.1 million, or $0.38 per share, for the year. The telecommunications company said it has been focused in managing its expenses in order to improve profitability, allowing it to boost adjusted EBITDA modestly despite the decrease in sales.
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Why Boingo Wireless Stock Skyrocketed Today