Nearly everyone who's visited a U.S. airport has come across the services of Gogo (NASDAQ:GOGO). The company's specialty is in-flight, high speed internet services. On Tuesday, the stock gained some nice altitude after it published a new set of metrics.
Gogo said that late last week, its services were available on over 3,000 daily flights. That's a dramatic increase from the valley of its mid-April figure, which was 378. It's also not far away from the company's average of 3,500 in the days before the SARS-CoV-2 coronavirus spread around the world.
The coronavirus is, naturally, the reason for that steep fall and hearty recovery. When the pandemic seized the world a few months ago, it quickly and effectively brought the travel industry to a virtual standstill. At one point, said Gogo, 30% of its key Gogo Business Aviation accounts either suspended their memberships or downgraded their plans.
Since then, however, 60% of the customers suspending their accounts have reactivated them. Four-fifths of those clients suspending or downgrading have reverted to their previous plan.
Now, with more states and municipalities reopening -- for better or worse -- airplanes are starting to fill up again. Gogo anticipates that this trend will grow.
"[W]e're seeing several positive trends taking shape in the market," the company wrote in its press release touting the improved numbers. "[W]e're now in the midst of a measurable recovery as flight activity increases."