Gogo (NASDAQ: GOGO) reported Q1 EPS of ($1.04), $0.67 worse than the analyst estimate of ($0.37). Revenue for the quarter came in at $184.5 million versus the consensus estimate of $175.47 million.

"We started the year well ahead of plan, but Commercial Aviation demand fell sharply in March due to COVID-19 and has deteriorated further in Q2," said Oakleigh Thorne, Gogo's President and CEO. "There has also been a slowdown in new activations and an increase in account suspensions in our Business Aviation segment, which we expect will negatively impact BA revenue in Q2."

"The Gogo team responded quickly to COVID-19 with actions to reduce costs, maintain our strong global franchise and ensure our long-term financial viability," Thorne said. "I think we are well positioned to get through this crisis and am extremely proud of the efforts and sacrifices of our Gogo team in these difficult times."

"To ensure our long-term liquidity, we are aggressively executing on our previously announced 16 levers to manage costs," said Barry Rowan, Gogo's Executive Vice President and CFO. "Our stronger than expected cash position exiting 2019 and through the first four months of 2020 has positioned us to manage through this difficult period and we are committed to continuing this heightened level of financial and operational discipline."

For earnings history and earnings-related data on Gogo (GOGO) click here.