Satellite TV company DISH has cut back on its EPS and revenue forecasts for the first quarter of 2023 amid impairment issues.
DISH Network Corporation (NASDAQ: DISH) published first-quarter 2023 numbers that missed earnings per share (EPS) and revenue estimates. The satellite television and communications company reported first-quarter EPS of $0.35, compared to a consensus estimate of $0.36. Also, DISH’s revenue came in at $3.96 billion versus the $4.06 billion analysts expected for the same period. The company’s most recent revenue was less than the $4.33 billion it generated in the same period last year.
For the first quarter of 2023, DISH Network reported net income of $223 million versus the $433 million earned in the first quarter of 2022. Meanwhile, the Colorado-based broadcast television provider’s $0.35 profit dwindled. Compared to its Q1 2022 figure of $0.68.
For the period ended March 31, DISH’s net pay TV subscription decreased by approximately 552,000. This is down about 100,000 subscribers from the 462,000 subscribers recorded in the first quarter of last year. However, the company ended the first quarter of 2023 with 9.20 million pay TV subscribers, which includes 7.10 million DISH TV subscribers and 2.10 million SLING TV subscribers.
In the first quarter of this year, there was also a decrease in the number of wireless retail subscribers by about 81,000. However, this decline was outweighed by the significant decline in net retail wireless subscriptions of 343,000 achieved in the first quarter of 2022. DISH reported that it closed the first three months of 2023 with a retail wireless subscriber base of 7.91 million.
Following its most recent quarterly results, DISH is scheduled to hold its conference call today at 10 a.m. ET.
Other developments outside of DISH Q1 2023 news
Wall Street downgraded DISH shares in late March after a whopping 71% drop over the past 12 months. At the time, financial analysts at UBS reacted lower to DISH, giving it a “Neutral” rating from the previous “Buy.” Meanwhile, financial analysts at BofA Global Research wrote to DISH investors in late February, also warning of a downgrade on the stock. Note text:
“In light of recent events, performance, and market realities, we are downgrading our rating to ‘underperform’.
At the time, the reasons cited for the downgrade of DISH included the company’s continued recovery from a state of weakness Cyber security incident. The incident occurred in February, around the time DISH reported its results for the fourth quarter of 2022. The company’s computer systems remained completely offline, with President and CEO W. Eric Carlson speaking about the incident on an earnings call. At the time, Carlson explained:
“We experienced an internal outage that continues to affect our internal servers and IT telephony. Our DISH, Sling, wireless and data networks continue to function normally, (and) operate. However, some of our internal communications, customer care functions and websites were affected. It’s currently broken.”
The CEO added that DISH was “analyzing the root causes and any consequences of the outage.” Finally, Carlson noted that the satellite company worked to restore the affected systems as quickly as possible.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify cryptocurrency stories down to the bare essentials so that anyone anywhere can understand without much background knowledge. When he’s not deep into cryptocurrency stories, Tolo enjoys music, loves to sing, and is a movie lover.
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