Seeking AlphaCodex · 实盘不做把握 5/10
北京时间·🕒 发布 08-03 18:19:37时区推断·⟳ 抓取 08-03 18:19:41·⚡ 决策 08-04 08:18:33 +13h58m·84.5 天前
EchoStar二季度营收35.8亿美元低于预期且电视、无线、宽带用户继续流失
二季度营收35.8亿美元同比下降3.8%、低于预期1000万美元，经营用户数仍在流失。
📄 原文Seeking Alpha↗ 原文
EchoStarEPS of $24.12, revenue of $3.58B misses by $10M
- EchoStar press release (ECHO): Q2 EPS of $24.12 may not be comparable to consensus of $2.62. - The net income in 2026…
不做 EchoStar（ECHO.US）
经营数据偏弱但营收miss仅1000万美元、同一财报含非现金收益和其它债务催化混杂，且美股已交易一整天后收涨，短空edge不足。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-08-03 06:19 ET · 扩散 medium · price-in 风险 high ↗
消息传播链
- 盘前转述EchoStar二季度财报，核心是营收小幅miss与多个用户口径下降。市场反应:ECHO.US 2026-08-03收涨约1.83%。
- 2026-08-04 00:13 UTC市场反应stock_quote非一手ECHO.US最新价85.63美元，前收84.09美元；近20日仍下跌13.13%。市场反应:利空没有引发当日延续性下跌。
关键理由
- 二季度营收35.8亿美元同比下降3.8%、低于预期1000万美元，经营用户数仍在流失。
- 净利润主要来自97.3亿美元非现金出表收益，剔除后归母净利润约4946万美元，质量有限。
- 但事件在美股盘前披露后已完整交易一个交易日，ECHO.US当日收涨1.83%，做空边际不足。
主要风险
- SATSV.US归一后行情取价失败，ECHO.US可取价但代码口径存在映射差异。
- 公司同日还有Hughes债务重组相关旧风险，当前财报项与其它催化混杂。
反向证据
- 做空前查反向 · 来源 web · 日期 2026-08-03 · 影响 weakens
同一财报含97.3亿美元非现金收益、剔除后仍为正归母净利，且股价当日未下跌，削弱短空。
检索:EchoStar Q2 2026 results subscriber losses revenue miss counter positive non cash gain 原文 ↗
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原文全文
展开原文 · 1,186 字
- EchoStar press release (ECHO): Q2 EPS of $24.12 may not be comparable to consensus of $2.62.
- The net income in 2026 was primarily attributable to a non-cash gain on deconsolidation totaling approximately $9.73 billion. Excluding the tax affected impact of the non-cash adjustment for 2026, the net income attributable to EchoStar would have been approximately $49.46 million.
- Revenue of $3.58B (-3.8% Y/Y) misses by $10M.
- Net pay-TV subscribers decreased approximately 241,000 in the second quarter of 2026, compared to a decrease of approximately 261,000 in the year-ago quarter.
- The company closed the quarter with 6.39 million pay-TV subscribers, including 4.68 million DISH TV subscribers and 1.71 million Sling TV subscribers.
- Retail wireless subscribers decreased by approximately 118,000 in the second quarter of 2026, compared to an increase of 212,000 in the year-ago quarter.
- The company closed the quarter with 7.38 million wireless subscribers.
- Broadband subscribers decreased by approximately 59,000 in the second quarter of 2026, compared to a decrease of 34,000 in the year-ago quarter.
- The company closed the quarter with 622,000 broadband subscribers.
- The net income in 2026 was primarily attributable to a non-cash gain on deconsolidation totaling approximately $9.73 billion. Excluding the tax affected impact of the non-cash adjustment for 2026, the net income attributable to EchoStar would have been approximately $49.46 million.
- Revenue of $3.58B (-3.8% Y/Y) misses by $10M.
- Net pay-TV subscribers decreased approximately 241,000 in the second quarter of 2026, compared to a decrease of approximately 261,000 in the year-ago quarter.
- The company closed the quarter with 6.39 million pay-TV subscribers, including 4.68 million DISH TV subscribers and 1.71 million Sling TV subscribers.
- Retail wireless subscribers decreased by approximately 118,000 in the second quarter of 2026, compared to an increase of 212,000 in the year-ago quarter.
- The company closed the quarter with 7.38 million wireless subscribers.
- Broadband subscribers decreased by approximately 59,000 in the second quarter of 2026, compared to a decrease of 34,000 in the year-ago quarter.
- The company closed the quarter with 622,000 broadband subscribers.
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