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DISH Network’s bonds sank 4-8 points across the curve after reporting weak earnings, missing estimates by a large margin. It reported revenues of $3.7bn, down 9.8% YoY and lower than estimates of $3.82bn. Its net losses stood at $139mn for the third quarter vs. $412mn in net profits during the same period last year. This translated to a loss per share of $0.26 vs. the estimated EPS of $0.6. DISH lost nearly five times as many mobile customers as analysts had predicted. Its subscriber base dropped with viewers rejecting expensive channel packages and turning to streaming options. MoffettNathanson LLC said that the result was “astonishingly bad. The overwhelming probability here has always been that Dish would enter bankruptcy sometime in the next few years… today’s results likely accelerate that”. DISH’s shares plummeted by 37.4% yesterday to close at $3.44, its lowest levels since 1998.
DISH’s 7.75% 2026s dropped the most, by 8.5 points to 61.5 cents on the dollar.