DISH Network reports second quarter 2021 financial results

Rhea-AI Summary

DISH Network Corporation reported $4.49 billion in revenue for Q2 2021, up from $3.19 billion in Q2 2020. Net income rose to $671 million compared to $452 million in the previous year, resulting in diluted earnings per share of $1.06, up from $0.78. Despite overall revenue growth, the pay-TV segment experienced a loss of approximately 67,000 subscribers. The company closed the quarter with 10.99 million Pay-TV subscribers and added over 200,000 wireless subscribers, despite losing 201,000 retail wireless subscribers.

Positive

• Quarterly revenue of $4.49 billion, a 41% increase year-over-year.
• Net income of $671 million, a significant increase from $452 million in Q2 2020.
• Diluted EPS rose to $1.06, up from $0.78 in the same period last year.
• First-half 2021 revenue totaled $8.98 billion, up from $6.40 billion in the prior year.

Negative

• Net Pay-TV subscribers decreased by approximately 67,000 in Q2 2021.
• Retail wireless subscribers decreased by 201,000 in Q2 2021, compared to a net decrease of 161,000 in Q1 2021.

ENGLEWOOD, Colo., Aug. 9, 2021 /PRNewswire/ -- DISH Network Corporation (NASDAQ: DISH) reported revenue totaling $4.49 billion for the quarter ending June 30, 2021, compared to $3.19 billion for the corresponding period in 2020.

Net income attributable to DISH Network totaled $671 million for the second quarter 2021, compared to $452 million from the year-ago quarter.

Diluted earnings per share were $1.06 for the second quarter, compared to $0.78 per share during the same period of 2020. 

Pay-TV
Net Pay-TV subscribers decreased approximately 67,000 in the second quarter, compared to a net decrease of approximately 96,000 in the year-ago quarter.

The company closed the quarter with 10.99 million Pay-TV subscribers, including 8.55 million DISH TV subscribers and 2.44 million SLING TV subscribers.

Wireless
During the second quarter, DISH Network acquired more than 200,000 wireless subscribers through an asset purchase agreement with Republic Wireless Inc. Additionally, the company experienced a net decrease of 201,000 retail wireless subscribers in the second quarter, compared to a net decrease of 161,000 in the first quarter.

The company closed the quarter with 8.90 million retail wireless subscribers.

Year-to-Date Review
DISH Network's first-half 2021 revenue totaled $8.98 billion, compared to $6.40 billion in revenue from the same period last year. In the first six months of 2021, net income attributable to DISH Network totaled $1.30 billion, compared with $525 million during the same period last year.

Diluted earnings per share were $2.05 for the first six months of 2021, compared with $0.90 during the same period last year.

Detailed financial data and other information are available in DISH Network's Form 10-Q for the quarter ended June 30, 2021, filed today with the Securities and Exchange Commission. DISH Network will host its second quarter 2021 financial results conference call today at noon ET.

Participant conference numbers: (800) 458-4121 (U.S.) and (720) 543-0206, Conference ID: 6824340.

A webcast replay will be available today on DISH's Investor Relations website, ir.dish.com, and will remain available for 48 hours.

About DISH

DISH Network Corporation is a connectivity company. Since 1980, it has served as a disruptive force, driving innovation and value on behalf of consumers. Through its subsidiaries, the company provides television entertainment and award-winning technology to millions of customers with its satellite DISH TV and streaming SLING TV services. In 2020, the company became a nationwide U.S. wireless carrier through the acquisition of Boost Mobile. DISH continues to innovate in wireless, building the nation's first cloud-native, Open RAN-based 5G broadband network. DISH Network Corporation (NASDAQ: DISH) is a Fortune 200 company. 

For company information, visit about.dish.com
For more information on DISH TV, visit www.dish.com
For more information on SLING TV, visit news.sling.com
For more information on Boost, visit boostmobile.com
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View original content:https://www.prnewswire.com/news-releases/dish-network-reports-second-quarter-2021-financial-results-301350621.html

SOURCE DISH Network Corporation

FAQ

What were DISH's Q2 2021 earnings results?

DISH reported Q2 2021 revenue of $4.49 billion and net income of $671 million, with diluted EPS at $1.06.

How many Pay-TV subscribers does DISH have as of June 30, 2021?

DISH has 10.99 million Pay-TV subscribers, including 8.55 million DISH TV and 2.44 million SLING TV subscribers.

How did DISH perform in the wireless segment in Q2 2021?

DISH acquired over 200,000 wireless subscribers but faced a net decrease of 201,000 retail wireless subscribers.

What is DISH's revenue growth compared to last year?

DISH's Q2 2021 revenue increased by 41% compared to Q2 2020, reaching $4.49 billion.

What is DISH's outlook for the rest of 2021?

While DISH has shown significant revenue growth, challenges remain in subscriber retention in both Pay-TV and wireless sectors.