Dish Network reports £345.29 million of net income in fiscal Q2
- Dish Network reports £345.29 million of net income in fiscal Q2.
- The U.S. company tops analysts' estimates for earnings and revenue.
- Dish Network had 11.27 million Pay-TV subscribers at the end of Q2.
Dish Network Corp. (NASDAQ: DISH) published its quarterly financial results on Friday that topped analysts’ estimates for earnings and revenue in the second quarter. The Englewood-based company had resorted to laying off workers in recent months to cushion the economic blow from the Coronavirus pandemic.
Shares of the company opened 2% up on Friday. The stock continued its gain in the next hours as it jumped another 5%. At £27.20 per share, Dish Network Corp is currently trading around the same level at which it started the year 2020. In March, however, it had dropped to as low as £13.87 per share due to the impact of COVID-19. At the time of writing, Dish Network Corp has a market capitalisation of £14.38 billion and a price to earnings ratio of 17.24.
Dish’s Q2 financial results versus analysts’ estimates
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According to FactSet, experts had anticipated the company to print £2.36 billion in revenue in the fiscal second quarter. In terms of earnings per share (EPS), they had estimated 45.07 pence. In its report on Friday, Dish Network Corp. topped both estimates posting a higher £2.44 billion in revenue and 59.59 pence of adjusted earnings per share in Q2.
At £345.29 million, the satellite TV company said that its net income in the second quarter came in significantly higher than £242.16 million in the same quarter last year. On a year over year basis, Dish Network’s revenue was reported lower than £2.45 billion in the comparable quarter of 2019.
As per Dish Network, its net subscribers in the recent quarter tanked by roughly 40K in Dish TV and 56K in SLING TV. The company commented its financial report on Friday and said:
“The COVID-19 pandemic has caused significant disruption in certain commercial segments served by DISH, including the hospitality and airline industries.”
Dish had 11.27 million Pay-TV subscribers at the end of Q2
Dish had paused service in the first quarter on roughly 250K commercial accounts that were not included in the subscriber count. In the fiscal Q2, the American television provider said that service resumed to normal on 45K of these commercial accounts. Dish acquired Ting Mobile assets and announced Tucows as its technology partner earlier this week.
As of the end of the second quarter, Dish had 11.27 million Pay-TV subscribers in total with SLING TV contributing 2.25 million subscribers and Dish TV had 9.02 million subscribers.