Apple Inc. May Buy Beats Electronics and Gogo Inc. Soars on Q1 Results
Apple Inc. (NASDAQ: AAPL) is getting close to paying a record $3.2 billion for Beats Electronics as an entrance into music streaming and headphone gear. The companies are working out the details but discussions have been private. One person told Reuters anonymously that the envisioned deal may still fall through. Beats Electronics was founded by rapper Dr. Dre and is best known for its "Beats by Dr Dre" line of trendy headphones. Earlier this year the company launched a music service. Beats was only valued at $1 billion during its last funding last September.
Apple Inc. and its wholly-owned subsidiaries design, manufacture, and market mobile communication and media devices, personal computers, and portable digital music players worldwide. It also sells software, services, peripherals, networking solutions, and third-party digital content and applications related to its products. The company offers iPhone, a line of smartphones that comprise a phone, music player, and Internet device; iPad, a line of multi-purpose tablets based on Apples iOS Multi-Touch operating system; Mac, a line of desktop and portable personal computers; and iPod, a line of portable digital music and media players, such as iPod touch, iPod nano, iPod shuffle, and iPod classic. It also provides Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and various accessories, service and support offerings; and manufactures the Apple LED Cinema Display and Thunderbolt Display.
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Gogo Inc. (GOGO) reported first quarter results that beat expectations. The company reported Q1 losses per share of $0.20 and revenue of $95.7M. This came in better than the consensus estimates by analysts for a loss of $0.25 and revenue of $94.03M respectively. For fiscal year 2014, the company has a revenue view of $400M-$422M. The consensus forecast of analysts for FY14 revenue prior to the report was $412.9M. Gogo CEO Michael Small said the company expects to see significant capacity increases with the introduction of its GTO and 2Ku airborne antennas, "both of which are capable of delivering industry leading speeds of 70 mbps to the aircraft initially, and up to 100 mbps when spot beam Ku satellites are launched."
Gogo Inc. provides in-flight Internet connectivity and wireless in-cabin digital entertainment solutions in the United States and internationally. The company, through its proprietary air-to-ground (ATG) network and satellite-based technologies, offers a suite of connectivity solutions and other services, including passenger connectivity, passenger entertainment, and operations-oriented communications services, as well as advertising, e-commerce, content, and other offerings, such as destination-based event ticketing, flight tracker, and weather and travel sites. The company operates in three segments: Commercial Aviation North America; Commercial Aviation Rest of World; and Business Aviation.
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