Gogo Inc (NASDAQ:GOGO) Plunges 18% in After Hours; NetSuite Inc (NYSE:N) up 3%

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Shares of Gogo Inc (NASDAQ:GOGO) have tumbled more than 18% to $15 in the after-hours session after AT&T (T) revealed plans to launch a high-speed in-flight connectivity service for airlines that would be in direct competition with GOGO’s service.

GOGO provides in-flight connectivity and wireless in-cabin digital entertainment solutions. T’s service, which is slated to start as soon as late 2015, will be capable of providing in-flight broadband for customers including fast Wi-Fi and onboard entertainment.

Shares of GOGO trade within a 52-week range of $9.71 – $35.77. Shares of T are up 0.11% to $35.12, amid a 52-week spread of $31.74 – $37.97.

NetSuite Inc (NYSE:N) is higher in late trading after the company reported financial results for Q1 that topped analysts’ expectations; the company also provided mixed guidance for Q2, and updated its fiscal 2014 outlook.

Shares are up 3.27% at $76, with a 52-week range of $72.82 – $120.77.

The provider of cloud-based financials and Enterprise Resource Planning (ERP) software suites reported Q1 GAAP net loss of $22.2 million or $0.29 loss per share, compared with $13 million or $0.18 loss per share in the prior-year period. Non-GAAP net income was $4.4 million or $0.06 per share, compared with $2.8 million or $0.04 per share in the year-ago quarter. The Capital IQ analyst estimate is for $0.02 EPS.

Revenue was $122.96 million, up from $91.63 million in the same quarter last year. Analysts were expecting revenue of $120.92 million.

During the company’s conference call, management said it expects Q2 EPS of $0.02 – $0.03 on revenue of $130 million – $132 million. The Street view is for $0.04 EPS on revenue of $131.20 million.

The company also said it is raising its fiscal 2014 revenue outlook to $540 million – $545 million, from the previous range of $535 million – $540 million. Analysts are looking for $539.84 million. It maintained its EPS outlook of $0.24 – $0.26, versus the consensus of $0.26 EPS.

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