Gogo Moves On News That AT&T Is Dropping In-Flight Connectivity

Gogo Inc GOGO experienced volatility Monday amid a report on runwaygirlnetwork.com that AT&T Inc. T has decided to no longer pursue the in-flight connectivity business.

According to the report, “AT&T has opted not to jump into the inflight connectivity game after all...AT&T – which had planned to launch a 4G LTE air-to-ground (ATG)-based service in the US – did an evaluation of the space, and deemed inflight connectivity to be too risky.”

Company representatives were quoted as saying that “As AT&T explores opportunities for future growth and diversification, expanding our international presence has remained an area of interest. On Friday we announced our intent to acquire Mexico wireless company Iusacell.

After a thorough review of our investment portfolio, the company decided to no longer pursue entry into the Inflight Connectivity industry. We are focusing our capital on transformative investments, such as international and video.”

Gogo recently traded at $16.82, up 1.08 percent.