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Dish Network Q2 Results Beat Estimates
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Dish Network Q2 Results Beat Estimates

Dish Network (DISH) delivered better-than-expected second-quarter results characterized by revenue and earnings coming in above consensus estimates. Revenue totaled $4.49 billion, up from $3.19 billion reported the same quarter last year. Additionally, it beat consensus estimates as analysts were expecting $4.43 billion in revenues.

Net income surged to $671 million compared to $452 million reported in the same quarter last year. Diluted earnings per share improved to $1.06 from $0.78 a share reported in the same quarter last year, topping consensus estimates of $0.88 a share. (See Dish stock charts on TipRanks)

During the quarter, Dish Network’s net pay-TV subscribers fell by about 67,000 compared to a 96,000 decline in the same quarter last year. Consequently, the company ended the quarter with 10.99 million Pay-TV subscribers.

Additionally, Dish Network acquired more than 200,000 wireless subscribers as part of an agreement with Republic Wireless Inc. However, the company also lost 201,000 retail wireless subscribers.

In July, MoffettNathanson analyst Craig Moffett has upgraded the stock to a Hold from a Sell and also raised the price target to $40 from $15, implying 5.33% downside potential to current levels. The upgrade followed the signing of a service agreement with AT&T.

According to the analyst, the service deal will be a game-changer for Dish as it gives it more time to build its network.

Consensus among analysts is a Hold based on 3 Buys, 4 Holds, and 1 Sell. The average Dish Network price target of $47.79 implies 13.11% upside potential to current levels.

Related News:
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E.W. Scripps Posts Mixed Q2 Results; Shares Down

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