DISH Network reports third quarter 2020 financial results

Rhea-AI Summary

DISH Network Corporation (NASDAQ: DISH) reported a revenue of $4.53 billion for Q3 2020, up from $3.17 billion in Q3 2019. Net income increased to $505 million, or $0.86 per diluted share, compared to $353 million and $0.66 per share a year ago. Pay-TV subscribers rose by 116,000, totaling 11.42 million. However, retail wireless subscribers fell by 212,000, leaving DISH with 9.42 million. Year-to-date revenue reached $10.94 billion, while net income was $1.03 billion, slightly up from $1.01 billion a year prior.

Positive

• Q3 2020 revenue increased by 43% year-over-year to $4.53 billion.
• Net income rose to $505 million, reflecting a solid increase compared to $353 million in Q3 2019.
• Diluted EPS improved to $0.86 from $0.66 in the same quarter last year.
• Pay-TV subscribers increased by 116,000, totaling 11.42 million subscribers.

Negative

• Retail wireless subscribers decreased by 212,000, totaling 9.42 million.

ENGLEWOOD, Colo., Nov. 6, 2020 /PRNewswire/ -- DISH Network Corporation (NASDAQ: DISH) reported revenue totaling $4.53 billion for the quarter ending September 30, 2020, compared to $3.17 billion for the corresponding period in 2019.

Net income attributable to DISH Network totaled $505 million for the third quarter 2020, compared to $353 million from the year-ago quarter. Diluted earnings per share were $0.86 for the third quarter, compared to $0.66 per share during the same period in 2019. 

Pay-TV
Net pay-TV subscribers increased approximately 116,000 in the third quarter, compared to an increase of approximately 148,000 in the year-ago quarter.

The company closed the quarter with 11.42 million pay-TV subscribers, including 8.96 million DISH TV subscribers and 2.46 million SLING TV subscribers.

Wireless
DISH Network completed the acquisition of the Boost Mobile business on July 1, 2020, and acquired more than 9 million retail wireless subscribers as a result. DISH currently operates its wireless business as a mobile virtual network operator (MVNO).

Retail wireless net subscribers decreased by approximately 212,000 in the third quarter.

The company closed the quarter with 9.42 million retail wireless subscribers.

Year-to-Date Review
DISH Network's 2020 revenue through the third quarter totaled $10.94 billion, compared to $9.57 billion in revenue from the same period last year. In the first nine months of 2020, net income attributable to DISH Network totaled $1.03 billion, compared with $1.01 billion during the same period last year.

Diluted earnings per share were $1.77 for the first nine months of 2020, compared with $1.91 during the same period in 2019.

Detailed financial data and other information are available in DISH Network's Form 10-Q for the quarter ending September 30, 2020, filed today with the Securities and Exchange Commission.

DISH Network will host its third quarter 2020 financial results conference call today at noon ET.

Participant conference numbers: (888) 394-8218 (U.S.) and (323) 701-0225, Conference ID: 3275891.

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 250 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

Subscribe to DISH email alerts: http://about.dish.com/alerts

Follow @DISHNews on Twitter: http://www.twitter.com/DISHNews

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SOURCE DISH Network Corporation

FAQ

What were DISH Network's Q3 2020 earnings?

DISH Network reported earnings of $505 million for Q3 2020, with diluted EPS of $0.86.

How did DISH Network's revenue perform in Q3 2020?

DISH Network's revenue for Q3 2020 was $4.53 billion, a 43% increase from $3.17 billion in Q3 2019.

What is the current number of DISH Network pay-TV subscribers?

DISH Network has 11.42 million pay-TV subscribers as of the end of Q3 2020.

Did DISH Network's wireless subscriber count change in Q3 2020?

Yes, DISH Network's retail wireless subscribers decreased by 212,000, totaling 9.42 million.

What was DISH Network's revenue year-to-date?

DISH Network's year-to-date revenue through Q3 2020 totaled $10.94 billion.