Yahoo Finance DISH Network's (DISH) Q2 Earnings Beat, Revenues Decline Y/Y
DISH Network’s DISH second-quarter 2023 earnings of 31 cents per share beat the Zacks Consensus Estimate by 6.9% but decreased 62.2% year over year.
Revenues decreased 7.1% year over year to $3.91 billion and lagged the consensus mark by 0.13%.
Revenues from the United States fell 7.1% year over year to $3.90 billion. Revenues from Canada and Mexico decreased 4.1% to $10.6 million.
DISH also announced that it has entered into an agreement to acquire EchoStar Corporation in an all-stock merger.
DISH shares have declined 40.4% 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 5.6% year over year to $2.98 billion. DISH exited the reported quarter with 8.904 million Pay-TV subscribers, down 10.9% year over year.
DISH TV subscribers declined 11.4% year over year to 6.901 million. SLING TV subscribers decreased 8.8% year over year to 2 million.
Pay-TV ARPU increased 3.4% year over year to $104.71. DISH TV churn rate was 1.98% compared with the year-ago quarter’s 1.59%.
In the second quarter, DISH TV’s subscriber-acquisition costs increased 19.3% year over year to $1,169.
Wireless revenues were $938 million, down 11.3% year over year. Wireless subscribers at the end of the reported quarter were 7.725 million, down 1.8% year over year.
Wireless ARPU was $36.37, whereas the Wireless churn rate was 4.54% in the reported quarter.
Total costs and expenses increased 5.4% year over year to $3.71 billion.
Operating income was $206.3 million, down 70.2% year over year.
Pay-TV operating income decreased 8.2% year over year to $720.8 million. Wireless operating loss was $514.5 million compared with the year-ago quarter’s loss of $92.5 million.
Balance Sheet
As of Jun 30, 2023, DISH Network had cash, cash equivalents and current marketable investment securities of $1.78 billion compared with $2.54 billion as of Mar 31, 2023.
Total debt, as of Mar 31, 2023, was $21.31 billion compared with $21.46 billion as of Mar 31, 2023.
Zacks Rank & Stocks to Consider
DISH currently has a Zacks Rank #3 (Hold).
Afya Limited AFYA, ON Holding ONON and LiveOne LVO are some better-ranked stocks that investors can consider in the broader sector. Afya and On Holding sport Zacks Rank #1 (Strong Buy) each, while LiveOne carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Afya is set to announce second-quarter 2023 results on Aug 28. AFYA shares have declined 1.7% year to date.
On Holding is set to announce second-quarter 2023 results on Aug 15. ONON shares have gained 107.9% year to date.
LiveOne is set to announce first-quarter fiscal 2024 results on Aug 10. LVO shares have gained 156.4% year to date.
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