Source: Gogo.

Gogo (GOGO 1.23%)  reported results for the first quarter of 2014 this morning. The company beat analyst targets across the board, and shares jumped as much as 12% higher on the news.

The in-flight Internet service specialist saw first-quarter revenue rise 35% year-over-year to $96 million. Equipment sales led the way with a 48% jump. An equally rapid rise in operating costs led to a net loss of $0.20 per share, slightly worse than the $0.17 non-GAAP loss per share reported in the year-ago period.

The numbers beat analyst estimates on both the top and bottom lines.

The number of aircraft with Gogo services installed increased by 9.5% year-over-year, while revenues per aircraft jumped 19% higher. The company said it ended the quarter with 2,056 aircraft online, up from 1,878 at the end of March last year. 6.9% of passengers exposed to a Gogo connection paid for the service this quarter, up from 6.2% a year ago.

Looking ahead, Gogo held its full-year guidance unchanged. The $400 million to $422 million revenue guidance range is broadly in line with analyst estimates.

"We expect continued strong growth in revenue fueled by strong secular trends and passenger adoption of new services," said Gogo CEO Michael Small in a prepared statement. New services include a recently unveiled Ku-band satellite uplink and the rollout of fourth-generation air-to-ground technologies.

This morning's price surge notwithstanding, Gogo shares have lost half of their value year-to-date, as investors reacted to new competition entering the in-flight connectivity market. Gogo's management doesn't seem overly worried about rivals, though. "Our technology leadership, operational expertise, and suite of communications solutions continue to set us apart both in North America and internationally," Small said.