DISH - Why Dish Network Stock Was Blasting Higher Today
2023-08-08 16:38:55 ET
Satellite-TV broadcasting might be a struggling industry, but on Tuesday, a flag-bearer for that business saw a nice little pop in its share price. That company is Dish Network (NASDAQ: DISH) , which simultaneously published its latest set of quarterly results and announced a major merger. This got investors excited enough to send the company's share price nearly 10% higher on the day.
Dish Network's second-quarter figures weren't impressive, but at the same time they weren't disappointing. The company booked revenue of $3.91 billion for the period, which was down from the $4.21 billion in the second quarter of 2022. A steeper decline was recorded on the bottom line: a profit of just over $200 million ($0.31 per share), against the year-ago surplus of almost $523 million.
But this was largely anticipated by analysts, as those headline numbers were broadly in line with their consensus estimates.
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Why Dish Network Stock Was Blasting Higher Today