Dish Network revealed its second quarter financial report this morning, and investors who projected decent earnings with a slight drop from last year's same period were disappointed when the company instead reported underwhelming numbers.
The satellite provider took in $3.57 billion for the second three months of 2012, down 5.6% from 2Q2011's $3.59 billion. That was just a hair under what Wall Street analysts had projected, but the company shocked investors with earnings a full 18 cents below projections (50 cents/share versus the expected 68), down 25 cents/share from 2Q2011.
Likewise, net income was well off 2011's pace. The company reported income of $226 million, down 32.6% from 2Q2011's $335 million.
Dish lost about 10,000 subscribers for the quarter, in line with expectations.
For the first six months of the year, Dish's revenues of $7.15 billion increased 5 percent over the same period last year, although net income continues to trail last year. In the first six months of 2012, net income attributable to Dish totaled $586 million compared with $884 million during the same period last year. Diluted earnings per share were $1.30 for first six months of 2012, compared with $1.98 during the same period in 2011.
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