Satellite TV provider DISH fell short of EPS and revenue expectations for Q1 2023 amid its continuing stock valuation troubles.
DISH Network Corporation (NASDAQ:DISH) published Q1 2023 numbers that missed earnings per share (EPS) and revenue estimates. The satellite television and telecommunications company’s reported EPS for the first quarter was $0.35, compared to consensus estimates of $0.36. Also, DISH’s revenue came in at $3.96 billion, while analysts expected revenue of $4.06 billion for the same period. The company’s latest revenue is lower than the $4.33 billion generated in the same period last year.
For Q1 2023, DISH Network reported net income of $223 million, compared to net income of $433 million in Q1 2022. Meanwhile, the Colorado-based television provider’s diluted earnings per share declined to $0.35 compared with its Q1 2022 figure of $0.68.
For the period ended March 31, DISH’s net pay-TV subscription subscriptions decreased by approximately 552,000. This marked a decrease of nearly 100,000 customers from the 462,000 customer decline recorded in the first quarter of the previous year. However, the company ended Q1 2023 with 9.20 million pay-TV customers, including 7.10 million DISH TV customers and 2.10 million SLING TV customers.
In the first quarter of this year, retail wireless subscribers also decreased by about 81,000. However, this drawdown was overshadowed by a shortfall of 343,000 retail wireless net subscriptions in the first quarter of 2022. DISH reported closing the first three months of 2023 with a retail wireless subscriber base of 7.91 million.
Following its latest quarterly results, DISH is scheduled to hold its conference call today at 10am ET.
Other Events Outside of DISH Q1 2023 News
Wall Street downgraded DISH stock in late March after a massive 71% decline over the past 12 months. At the time, financial analysts at UBS reacted to DISH’s declining value, rating it “neutral” from its previous “buy”. Meanwhile, financial analysts at BofA Global Research wrote to DISH investors in late February, also notifying the stock downgrade. Note read:
“In light of recent events, performance and market realities, we are downgrading our rating to ‘Underperform’.”
At the time, reasons cited for the DISH downgrade included the company’s ongoing recovery from a weak cyber security incident. The incident took place in February around the time DISH announced its 2022 fourth quarter results. The company’s corporate computer systems remained completely offline, President and CEO W. Erik Carlson addressed the event in the earnings call. At the time, Carlson explained:
“We experienced an internal outage that continues to affect our internal servers and IT telephony. Our Dish and Sling services and our wireless and data networks continue to operate normally, [and] up and running. However, some of our internal communications, customer service operations and Internet sites were affected and are currently closed.
The CEO said that DISH was “analyzing the root cause and any consequences” of the outage. Lastly, Carlson explained that the satellite company worked to restore affected systems as quickly as possible.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip crypto stories down to the basics so that anyone anywhere can understand without a lot of background knowledge. When he is not delving deep into crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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