Stock Alert: Boingo Wireless Spikes 20%

(RTTNews) - Shares of wireless network provider Boingo Wireless, Inc. (WIFI) are climbing more than 20% Tuesday morning. The stock is currently at $14.29 and has traded in the range of $8.85- $25.98 in the last one year.

Boingo has reported its fourth-quarter results yesterday, after the market close.

The company has not commented on rumors regarding the recent news that it is exploring a potential sale. "While we will not comment on rumors or speculation in the marketplace, we can share that we have received multiple inquiries regarding a potential strategic transaction. As such, our Board has engaged strategic advisors to help us assess these opportunities", commented, Mike Finley, Chief Executive Officer.

Boingo reported net loss of $5.2 million or $0.12 per share in the fourth quarter compared with net income of $0.4 million or $0.01 per share in the comparable quarter last year. Last year, the company had a tax benefit of $5.35 million. On average, 6 analysts polled by Thomson Reuters were expecting loss of $0.11 per share.

Revenue for the quarter decreased year-over to $64.06 million.

In December last year, the company's Board has approved a restructuring plan, that would decrease operating costs by approximately $11.0 million on an annualized basis beginning in 2020.