EchoStar Q3 Revenues Increase, Yet Profits Severely Drop
EchoStar reported its financial results for both the three and nine months ended Sept. 30. Total revenue for Q3 2018 was $533 million, an increase of $51.7 million from the same period in 2017.
Most of Echostar’s revenue growth was from its Hughes business, as Hughes Q3 2018 revenues were $444.7 million, compared to $380 million from Q3 2017. There were approximately 1,332,000 Hughes broadband subscribers as of Sept. 30. Meanwhile, EchoStar’s Satellite Services business saw a decrease in revenue, as revenues in Q3 2018 were $84 million, compared to the $97 million revenue in Q3 2017.
Although overall revenue increased, Echostar’s net income saw a severe drop. Net income for Q3 2018 was $16.5 million, while net income in Q3 2017 was $35.2 million – a 53 percent decrease.