EchoStar Books $16 Billion Write‑Down After Mega Spectrum Deals With Musk And AT&T

EchoStar Corp. (NASDAQ:SATS) on Thursday posted its third-quarter financial results, which fell short of street estimates.

The company reported an adjusted loss of $1.58 per share, wider than the analyst consensus estimate of a $1.21 loss.

Quarterly revenue came in at $3.61 billion, falling short of estimates of $3.75 billion and down from $3.89 billion in the same quarter last year.

Also Read: EchoStar Stock Climbs As Investors Cheer Ongoing Spectrum Sales Strategy

Adjusted OIBDA (Operating Income Before Depreciation and Amortization) totaled $230.88 million, down from $316.67 million in the prior period.

EchoStar is shutting down parts of its 5G network that no longer fit its hybrid mobile strategy, leading to a one-time, non-cash impairment charge of $16.48 billion.

Major Spectrum Transactions

EchoStar finalized two major spectrum deals in the third quarter: a $22.65 billion agreement with AT&T Inc. (NYSE:T) and a $19 ...

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EchoStar Books $16 Billion Write‑Down After Mega Spectrum Deals With Musk And AT&T

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