Shares of Gogo (NASDAQ:GOGO), a connectivity and wireless-entertainment services company for the aviation industry, fell sharply on Monday. By the time the market closed, the stock was down 10.7%.
The stock's decline comes amid a broader market sell-off as investors are spooked by the spread of the coronavirus outside China, including in Italy and South Korea. The Nasdaq Composite finished the day down 3.5%.
Travel-oriented companies have been hit particularly hard amid coronavirus fears. Because Gogo provides in-flight broadband connectivity, some investors are likely concerned that the virus will hurt flight passenger volume and ultimately weigh on Gogo's financial results.
Investors will get a better idea of how the coronavirus outbreak is affecting Gogo when the company reports earnings. Gogo is scheduled to report its fourth-quarter results before market open on March 13.