DISH Network Corp. (NASDAQ: DISH) said Friday that its third quarter earnings and revenues for the fiscal year were significantly better than expected. In an announcement earlier this week, the U.S. company announced that it had entered into a partnership with Intel for 5G expansion.
DISH opened a stock market on Friday with an increase of about 7%, but lost more than half of its intraday profit in the next hour. The company’s shares are now trading at £21.20 per share, up from £27.17 per share at the beginning of the year. Trading shares online is easier than you might think. Learn how to buy shares online in 2020.
DISH’s financial results for the 3rd quarter compared to analysts’ estimates
DISH stated that its net profit for the third quarter was £383.94 million, or 65.38 pence per share. In comparison, its net profit for the same quarter last year was limited to a much lower figure of £268.38 million or 50.18 pence per share. According to FactSet, analysts had expected the U.S. television company to report earnings per share of 47.90 pence in the last quarter.
In the previous quarter (Q2) DISH Network Corp. had reported a net profit of £345.29 million according to the report published in the first week of August.
In terms of revenue, the Englewood-based company posted £3.44 billion in the third quarter compared to £2.41 billion in the same period last year. The FactSet Consensus for third quarter revenue was significantly lower at £2.38 billion.
DISH sales in the U.S. increased 43.1% in the third quarter.
Service revenues in the third quarter grew at an annualized rate of 35.4% to £3.21 billion. Other revenues, including equipment sales revenues, amounted to £235.23 million. At £3.44 billion, U.S. third quarter revenues were 43.1% higher year on year. Canada and Mexico revenues, on the other hand, increased 31.3% year-on-year to £11.48 million.
DISH also said on Friday that the third quarter ended with a 5.6% decline in DISH TV subscribers, which amounted to 11.423 million. The number of Sling TV subscribers at the end of the third quarter was 2.458 million, down 8.5% from the same quarter last year.
Dish performed quite well on the stock market last year, with an annual profit of around 40%. At the time of writing, DISH Network Corp. is valued at £11.22 billion and has a price-earnings ratio of 12.44.