DISH Network and Sotheby’s released their third quarter earnings results before opening bell this morning. DISH Network posted earnings of 42 cents per share and $3.73 billion in revenue. Analysts had been looking for earnings of 38 cents per share and $3.79 billion in revenue. In last year’s third quarter, the satellite TV provider reported earnings of 31 cents per share and $3.68 billion in revenue.
Sotheby’s reported adjusted losses of 26 cents per share, which was slightly better than the FactSet estimate of 27 cents per share in losses. Revenue rose to $138 million from $94.2 million last year but came up short of the consensus estimate of $111.1 million. In last year’s third quarter, the auction firm reported adjusted losses of 30 cents per share.
When a liquidity crisis struck China's Evergrande Group in the summer of 2021, it shook the global markets. Debt payments by China's second-largest property developer by sales were estimated in the hundreds of billions of dollars, and the company missed several payments. Those missed payments led to downgrades by international ratings agencies, but the Chinese Read More
DISH Network adds subscribers
DISH Network’s net income climbed from $196 million to $146 million, while subscriber-related revenue rose from $3.65 billion last year to $3.7 billion this year.
The company activated about 751,000 gross new pay-TV subscribers, compared to last year’s 691,000 activations. Net pay-TV subscribers fell by about 23,000 during the third quarter, compared to last year’s decline of about 12,000 net pay-TV subscribers. At the end of the quarter, DISH Network had about 13.91 million pay-TV subscribers. At the end of last year’s third quarter, the company had 14.01 million pay-TV subscribers. Average revenue per pay-TV subscriber was $86.33 per user, an increase from last year’s $84.39. The churn rate increased from 1.67% last year to 1.86% this year.
DISH added about 13,000 net broadband subscribers during the quarter, ending the quarter with about 608,000 broadband subscribers.
As of this writing, shares of DISH Network were inactive in premarket trading.
Sotheby’s improves losses
Sotheby’s posted net losses of 26 cents per share or $17.9 million, which were the same as the adjusted losses. In last year’s third quarter, net losses were 40 cents per share or $27.7 million.
“We are proud of our auction sale results in the categories of Impressionist, Modern and Contemporary Art, which are on track to achieve record levels for the year,” said Sotheby’s President and CEO Tad Smith in a statement. “In just three days last week, our auctions achieved $780 million, led by the first two sales from the collection of Sotheby’s former Chairman, Alfred Taubman. I’m pleased to say that we are also making good progress on our strategic objectives for future growth.”
As of this writing, shares of Sotheby’s were flat with Friday’s closing price at $34.09 per share.