Shares of Boingo Wireless (WIFI) are skyrocketing today, following the release of fantastic second-quarter results. The maker of distributed antenna systems and small cells for wireless network installations saw share prices soar as much as 40.5% higher before cooling down to a 39.7% gain as of 1:45 p.m. EDT.
In the second quarter, Boingo's top-line revenues rose 22% year over year to $59.6 million. Analysts had been expecting approximately $56.5 million on this line of the income statement. Further down that document, adjusted earnings swung from a net loss of $0.20 per share to a profit of $0.05 per share. Your average analyst was still looking for red ink here.
The company closed 15 new contracts with wireless carriers in the second quarter, up from seven in the year-ago period. With a backlog of 78 distributed antenna installations yet to perform, Boingo should deliver solid revenue growth for the foreseeable future.
The stock has now gained a market-beating 116% over the last 52 weeks and 233% in a three-year period. It's no surprise to see the stock chart pushing upward again when Boingo Wireless delivers rapid-growth results of this stellar caliber.