- DISH Network Corp DISH reported second-quarter FY21 revenue growth of 40.8% year-on-year to $4.49 billion, beating the analyst consensus of $4.43 billion.
- Segments: Pay-TV subscribers and related revenue expanded 1.7% Y/Y to $3.2 billion. Wireless services and related revenue were $1.1 billion. Pay-TV equipment sales and other revenue rose 37.4% Y/Y to $50.3 million, and Wireless equipment sales and other revenue grew 143% Y/Y to $184.3 million.
- Service revenue expanded 35% Y/Y to $4.3 billion. Equipment sales and other revenue grew over 6x to $232.5 million.
- Drivers: Net Pay-TV subscribers decreased 67,000 in Q2 FY21, compared to 96,000 in Q2 FY20.
- DISH closed Q2 with 10.99 million Pay-TV subscribers, including 8.55 million DISH TV subscribers and 2.44 million SLING TV subscribers.
- DISH acquired over 0.2 million wireless subscribers via an asset purchase agreement with Republic Wireless Inc. Additionally, it experienced a drop of 0.2 million retail wireless subscribers versus 0.16 million in Q1.
- The company closed Q2 with 8.90 million retail wireless subscribers.
- Margin: The gross margin contracted 177 bps to 35.7%. The gross margin for services expanded by 274 bps to 40.4%.
- EPS of $1.06 beat the analyst consensus of $0.88.
- The company held $4.8 billion in cash and equivalents.
- It generated $2.3 billion in operating cash flow during the six months ended Jun. 30.
- Price action: DISH shares traded higher by 0.98% at $42.38 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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