EchoStar (SATS) Nosedives 17.37% on Dismal Earnings
We recently published 10 Stocks Investors Are Dumping Fast. EchoStar Corporation (NASDAQ:SATS) is one of the worst-performing stocks on Friday.
EchoStar dropped its share prices by 17.37 percent on Friday to close at $26.93 apiece as investors soured on the company’s dismal earnings performance in the second quarter and first half of the year.
In an updated report, EchoStar Corporation (NASDAQ:SATS) said that net loss attributable to shareholders widened by 49 percent to $306 million from $205 million in the same period last year. Revenues declined by 5 percent to $3.7 billion from $3.9 billion year-on-year.
In the first half, net loss also increased by 62 percent to $508.8 million from the $312.97 million registered year-on-year. Revenues decreased by 4.77 percent to $7.59 billion from $7.97 billion.
In terms of business segment, Pay TV remained EchoStar Corporation’s (NASDAQ:SATS) largest revenue contributor, followed by the wireless segment, and then broadband and satellite services.
However, both Pay TV and broadband and satellite revenues posted notable declines in both the second quarter and the first half of the year.
Despite the downturn, EchoStar Corporation (NASDAQ:SATS) President and CEO Hamid Akhavan said that the company’s performance “was in line with our high performance expectations.”
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