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Friday, Jul 1, 2022

DirecTV Reports Better Than Expected Earnings

Shares of DirecTV rose Tuesday after the company reported net income that beat Wall Street expectations.

The El Segundo company reported first-quarter net income of $690 million ($1.20 a share), 6 percent less than the same period a year earlier.

The earnings beat the average analyst estimate of $1.09 per share, according to data compiled by Bloomberg.

Revenue for the satellite television giant increased 8 percent to $7.6 billion. The revenue beat analyst expectations of $7.5 billion.

The company attributed the revenue increase to subscriber growth in Latin America and in the United States.

U.S. revenue increased 5 percent to $5.79 billion on more subscribers. Average revenue per user increased because of upgrades and price increases.

DirecTV Latin America, which owns 93 of Sky Brazil, 41 percent of Sky Mexico and 100 percent of PanAmericana, increased revenue 16 percent to $1.7 billion.

Shares of DirecTV, which trade on the Nasdaq, jumped 4 percent to $61.95.

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