Yahoo Finance DISH Network (DISH) Q3 Earnings Miss, Revenues Decline Y/Y
DISH Network DISH reported a third-quarter 2023 loss of 26 cents per share, in contrast to the Zacks Consensus Estimate of earnings of 25 cents per share. The bottom line also declined 140% year over year.
Revenues decreased 9.7% year over year to $3.7 billion and lagged the consensus mark by 3.69%.
Revenues from the United States fell 9.5% year over year to $3.69 billion. Revenues from Canada and Mexico decreased 23.2% to $9.97 million.
DISH also announced that it has entered into an agreement to acquire EchoStar Corporation in an all-stock merger.
Shares of DISH have declined 60.9% year to date, underperforming the Zacks Consumer Discretionary sector.
DISH Network Corporation Price, Consensus and EPS Surprise
DISH Network Corporation price-consensus-eps-surprise-chart | DISH Network Corporation Quote
Quarterly Details
Pay-TV revenues decreased 8.8% year over year to $2.8 billion. DISH exited the reported quarter with 8.84 million Pay-TV subscribers, down 11.8% year over year.
DISH TV subscribers declined 11.7% year over year to 6.72 million. SLING TV subscribers decreased 12.1% year over year to 2.12 million.
Pay-TV average revenue per user (ARPU) increased 3.1% year over year to $105.25. DISH TV churn rate was 1.58% compared with the year-ago quarter’s 1.53%.
Wireless revenues were $900 million, down 11.6% year over year. Wireless subscribers at the end of the reported quarter were 7.5 million, down 6.3% year over year.
Wireless ARPU was $35.74, whereas the Wireless churn rate was 4.21% in the reported quarter.
Total costs and expenses increased 2.1% year over year to $3.74 billion.
Operating loss was $41.8 million, down 109.8% year over year.
Pay-TV operating income decreased 9% year over year to $589.46 million. Wireless operating loss was $631.27 million compared with the year-ago quarter’s loss of $220.62 million.
Balance Sheet
As of Sep 30, 2023, DISH Network had cash, cash equivalents and current marketable investment securities of $1.035 billion compared with $1.78 billion as of Jun 30, 2023.
Total debt, as of Sep 30, 2023, was $21.24 billion compared with $21.31 billion as of Jun 30, 2023.
Zacks Rank & Stocks to Consider
DISH currently has a Zacks Rank #3 (Hold).
NetEase NTES, AST SpaceMobile ASTS and Genius Sports Limited GENI are some better-ranked stocks that investors can consider in the broader sector. While NTES sports a Zacks Rank #1 (Strong Buy), ASTS and GENI carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of NetEase have gained 55.2% year to date. NTES is set to report its third-quarter 2023 results on Nov 16.
Shares of AST SpaceMobile have declined 14.1% year to date. ASTS is slated to report its third-quarter 2023 results on Nov 13.
Shares of Genius Sports Limited have gained 48.5% year to date. GENI is set to report its third-quarter 2023 results on Nov 13.
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DISH Network Corporation (DISH) : Free Stock Analysis Report
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