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Gogo stock pops on news of strategic review, cost-cutting

Jeremy C. Owens

Gogo Inc. (gogo) shares jumped about 7% in after-hours trading Thursday, when the in-flight Wi-Fi company said it was reviewing potential "strategic alternatives" and looking to cut costs. Gogo said it was looking to reduce cash burn by $100 million in 2019 and an additional $100 million in 2020, and looking to cut spending on its commercial-aviation business by nearly 20% by the end of 2020. Gogo said it hopes to break even on a free cash flow basis in 2020, and was "reviewing multiple options" on convertible debt that becomes current in March of 2019.