Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Gogo Inc. (NASDAQ:GOGO) rose more than 10% in Monday's early trading, then settled to close up around 6% after the in-flight connectivity specialist reported better-than-expected first quarter results.

So what: Quarterly revenue rose 35% year over year to a company record $95.7 million, which translated to an adjusted net loss of $0.20 per share. Analysts, on average were looking for a wider adjusted net loss of $0.25 per share on lower sales of $94 million. Meanwhile, adjusted earnings before interest, taxes, depreciation, and amortization came in at $5.3 million, compared to $2.9 million in the same year-ago period.

In addition, for all of 2014, Gogo expects revenue of $400 million to $422 million, with adjusted EBITDA of $8 million to $18 million, or inline with analysts' expectations.

Now what: After highlighting the Gogo's recently announced partnerships and its new 2Ku communications strategy for the global aviation industry, CEO Michael Small added, "Our technology leadership, operational expertise, and suite of communications solutions continue to set us apart both in North America and internationally."

Still, with no end in sight to its near-term losses, I'm not particularly anxious to dive in to Gogo stock. But I'll admit Gogo does appear to be moving in the right direction, so could still reward patient long-term investors from here. At the very least, I think investors would do well to add Gogo to their watch lists to keep tabs on its progress.

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Steve Symington has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.