DirecTV stock (DTV) is up slightly after beating analyst expectations — though a Venezuelan currency change issue left profits down from last year.
DTV stock is up 1.7% in morning trading.
The company earned $1.63 per share (on an adjusted basis), which beats analysts’ average estimates of $1.50 per share.
Still, Q1 earnings dropped 19% due to a currency change in Venezuela, though the satellite television provider also saw good news with its subscriber numbers on the rise, surpassing 38 million customers.
DirecTV’s profit was $561 million ($1.09 a share) compared to $690 million ($1.20 a share) from this period last year.
Via MarketWatch:
The company recorded a Venezuelan currency-devaluation charge of $281 million in the latest period, up from $166 million a year earlier. Excluding those charges, profit rose to $1.63 from $1.43 a share.
Net subscriber gains in DirecTV’s U.S. business totaled 12,000, compared with 21,000 gains a year earlier. The total subscriber base was about 20.3 million at the end of the quarter. Revenue in the region increased 5.1% to $6.09 billion.
Revenue improved 3.6% to $7.86 billion.
The Wall Street Journal earlier reported that AT&T (T) was looking to possibly buy DirecTV — a deal that would be reportedly worth $40 billion.
