Dish Network Loses Fewer Subs Than Expected In Q2.
Dish Network shares are up 1.8% at midday after it disclosed better-than-expected subscriber numbers for the quarter that ended in June. In a press release announcing plans for a debt offering, the satellite company said it wound up with 14.06M customers: That’s down by 10,000 from the previous quarter, with an average monthly churn rate of 1.60%. Wells Fargo analyst Marci Ryvicker says she projected a loss of 119,000 subs and a 1.65% churn rate.
Verizon’s Wireless Gains Are Not Enough.
Verizon shares are down 1.7% after it released a mixed Q2 earnings report that was generally in line with analyst expectations. The wireless unit was a standout, with 888,000 new customers under contract, and half of new sales going with smartphones. But the FiOS video business disappointed with 4.5M subs — +120,000 which was below analyst expectations of about +169,000. Verizon ended the period with net income of $4.3B, up 19% vs the period last year, on revenues of $22.9B, +1%. Although the numbers weren’t bad, Bernstein Research analyst Craig Moffett notes that they weren’t good enough to justify Verizon’s high stock price.
Scholastic Feasts On Hunger Games Movie.
The publicity and attention around the blockbuster film in March propelled better-than-expected book sales — and earnings — for the publisher in the quarter that ended in May. Still, Scholastic shares are -2.6% after it told investors that Hunger Games sales are returning to pre-movie levels. As a result, Scholastic says that it “will not repeat our record earnings from fiscal 2012.” The company ended its fiscal Q4 with net income of $57.0M, up 130% vs the same period last year, on revenues of $678.5M, +24.4%. Earnings from continuing operations, at $1.86 a share, handily beat the Street’s expectation for $1.71.