DISH Network and The Blackstone Group released their latest earnings reports before opening bell this morning. DISH posted earnings of 88 cents per share on $3.84 billion in revenue, compared to the consensus estimates of 71 cents per share and $3.86 billion. In the same quarter a year ago, the satellite TV provider reported $3.83 billion in revenue and 70 cents per share.
Blackstone reported economic net income of 44 cents per share, representing a 2% increase from last year, on $1.19 billion in revenue, against the consensus estimates of 39 cents per share and $1.11 billion. In last year’s second quarter, the firm reported revenue of $1.225 billion.
DISH Network loses subscribers
DISH said subscriber-related revenue grew from $3.8 billion last year to $3.83 billion this year. The company added about 527,000 gross new pay-TV subscribers, which was less than last year’s addition of about 638,000 subscribers. DISH said net pay-TV subscribers fell by about 281,000, which was worse than the loss of about 81,000 in the year-ago quarter. The company ended the quarter with 13.5 million pay-TV subscribers, a decline from last year’s 13.9 million. Average revenue per pay-TV subscriber ticked up to $89.98, compared to last year’s $87.91. The churn rate for pay-TV subscribers rose to 1.96% from 1.71% in the year-ago quarter.
DISH Network also lost about 15,000 net broadband subscribers during the quarter to bring its total to about 613,000 subscribers at the end of the quarter.
Shares of DISH Network declined by as much as 1.87% to $51 in premarket trading this morning.
Blackstone sets new AUM record
Blackstone’s basic earnings were 31 cents per share, while its diluted earnings were 30 cents per share, compared to last year’s basic and diluted earnings of 21 cents per share. Distributable earnings were 42 cents per share on $343 million in realized performance fees.
The Blackstone Group said total assets under management hit a new record of $356.3 billion in the quarter on the back of strength in fundraising and organic growth. Gross inflows amounted to $21.2 billion, while inflows for the last 12 months amounted to $70 million.
Shares of Blackstone jumped by as much as 2.55% to $26.50 in premarket trading this morning.s