Dish Network (NASDAQ:DISH) earnings for the satellite company’s second quarter of 2020 have DISH stock on the move Friday. That’s due to its diluted earnings per share of 78 cents and revenue of $3.19 billion. Both of these are better than Wall Street’s estimates of 58 cents per share and revenue of $3.1 billion.
Here’s what went down during the most recent Dish Network earnings report.
- Diluted per-share earnings are up 30% from 60 cents during the same time last year.
- Revenue for the quarter comes in less than 1% lower than the $3.21 billion reported in Q2 2019.
- Operating income of $637.65 million is a 48% increase year-over-year from $430.73 million.
- The Dish Network earnings report also has net income coming in at $452.34 million.
- That’s a 42.7% jump from its net income of $317.04 million in the same period of the year prior.
Dish Network includes the following statement in its earnings report.
“The COVID-19 pandemic has caused significant disruption in certain commercial segments served by DISH, including the hospitality and airline industries. As a result, DISH paused service or provided temporary rate relief for approximately 250,000 commercial accounts and removed those accounts from its ending Pay-TV subscriber count as of March 31, 2020.”
Dish Network doesn’t include guidance in its 2020 earnings report. That’s likely due to the novel coronavirus disrupting markets. Many other companies are doing the same during the pandemic.
DISH stock was down 1.5% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.