- Dish Network Corp blows past Wall Street Estimates in the fiscal third quarter.
- The U.S. company had 11.423 million DISH TV subscribers as of the end of Q3.
- Dish Network’s revenue in the U.S. jumped 43.1% in the fiscal third quarter.
DISH Network Corp. (NASDAQ: DISH) said on Friday that its profit and revenue in the fiscal third quarter came in significantly better than expected. In an announcement earlier this week, the U.S. company said it had partnered with Intel for 5G buildout.
DISH opened about 7% up in the stock market on Friday but lost more than half of its intraday gain in the next hour. Shares of the company are now exchanging hands at £21.20 per share versus £27.17 per share at the start of the year. Trading stocks online is easier than you think. Here’s how you can buy shares online in 2020.
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DISH’s Q3 financial results versus analysts’ estimates
DISH said that its net income in the third quarter came in at £383.94 million that translates to 65.38 pence per share. In comparison, its net income in the same quarter last year was capped at a much lower £268.38 million or 50.18 pence per share. According to FactSet, analysts had expected the American television provider to report 47.90 pence of earnings per share in the recent quarter.
In the prior quarter (Q2), DISH Network Corp had recorded £345.29 million of net income, as per the report published in the first week of August.
In terms of revenue, the Englewood-based company posted £3.44 billion in Q3 versus the year-ago figure of £2.41 billion. FactSet Consensus for revenue in the third quarter stood at a sharply lower £2.38 billion.
DISH’s revenue in the U.S. jumped 43.1% in the third quarter
Service revenues saw a 35.4% annualised increase in the third quarter to £3.21 billion. Other revenues, including from equipment sales, came in at £235.23 million. At £3.44 billion, U.S. revenues were 43.1% higher in Q3 on a year over year basis. Revenues from Canada and Mexico, on the other hand, surged 31.3% on an annualised basis to £11.48 million.
DISH also said on Friday that it concluded the third quarter with a 5.6% decline in DISH TV subscribers that were numbered at 11.423 million. Sling TV subscribers were 2.458 million as of the end of Q3, representing an 8.5% decline versus the comparable quarter of last year.
Dish performed fairly upbeat in the stock market last year with an annual gain of about 40%. At the time of writing, DISH Network Corp is valued at £11.22 billion and has a price to earnings ratio of 12.44.