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Why Boingo Wireless Stock Skyrocketed Today

Mar 01, 2021 - Nasdaq
Mergers and Acquisitions-Financial Results

What happened

Shares of Boingo Wireless (NASDAQ: WIFI) have skyrocketed today, up by 24% as of 12:15 p.m. EST, after the company reported fourth-quarter earnings. The results were less relevant than news that Boingo Wireless is going private in an $854 million deal.

So what

Revenue in 2020 declined 10% to $237.4 million, which resulted in a net loss of $17.1 million, or $0.38 per share, for the year. The telecommunications company said it has been focused in managing its expe...