Although Dish Network witnessed declining revenue in the second quarter, it bested analysts' estimates, and its stock climbed sharply.
Revenues declined 5% to $3.46 billion, with net income rising to $439 million from $40 million a year ago. In the second quarter of 2017, Dish net income was negatively impacted by litigation expenses.
Both results beat analysts' projections. On the release of its earnings on Friday, Dish Network’s stock price was up 6% in mid-day trading to $31.70.
Dish Network also narrowed its subscriber losses to 151,000 subscribers from 196,000 in the second quarter of 2017. Dish witnessed gains from its digital pay TV service, Sling TV, at 41,000. Dish TV's satellite business lost 192,000.
The company ended the quarter with 10.65 million Dish TV subscribers and 2.34 million Sling TV subscribers. Total pay TV subscribers were 13 million, compared to last year’s 13.33 million.
Dish's future plans include a big play for next generation 5G wireless networks -- in which transmission of video can be sent at much greater speed, as well accelerating the growth Internet of Things (IoT) devices, estimated to be in the billions of devices in the coming years.
In February, Dish said it will spend between $500 million and $1 billion through 2020 to build out the first phase of its wireless network.