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Why Dish Stock Is Soaring Thursday

  • DISH Network Corp (NASDAQ: DISH) stock is up Thursday following reports of selling wireless plans for its nascent mobile phone service through Amazon.Com Inc (NASDAQ: AMZN).

  • The arrangement can potentially give the telecom company's 5G rollout a critical lifeline, the Wall Street Journal cites knowledgeable sources.

  • Dish stock's session volume reached 7 million vs. the average 100-day volume of 9.4.

  • Dish is already a customer of Amazon's cloud-computing services.

  • Also Read: Dish Comes Clean On February Hack: Affects Personal Info Of 300K Employees, Customer Details Unaffected

  • Dish voiced the need for Apple Inc's (NASDAQ: AAPL) iPhone's operation on the company's new 5G network to tap the device's sizable market share.

  • Dish and its affiliates doled out $30 billion on mobile spectrum licenses, spending the past three years installing a nationwide network of cell towers and software with the latest 5G technology from scratch.

  • The potential deal allows Dish to market its service to millions of prospective customers and help Amazon expand its relatively small footprint in the consumer smartphone market.

  • Amazon has previously discussed potential wireless business deals with Dish.

  • Wireless plans sold through Amazon's e-commerce portal could eventually challenge rival cellphone carriers AT&T Inc (NYSE: T), Verizon Communications Inc (NYSE: VZ), and T-Mobile US, Inc (NASDAQ: TMUS) as they battle slowing subscriber growth following a pandemic-era boom.

  • In May, Dish reported a first-quarter FY23 revenue decline of 8.6% year-on-year to $3.96 billion, missing the consensus estimate of $4.06 billion. EPS of $0.35 missed the consensus estimate of $0.36.

  • The net decrease primarily resulted from the decline in revenue from its Pay-TV Wireless and Wireless segments.

  • Price Action: DISH shares traded higher by 12.50% at $7.01 on the last check Thursday.

  • Photo via Wikimedia Commons

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This article Why Dish Stock Is Soaring Thursday originally appeared on Benzinga.com

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