EchoStar reports “solid” 2022
February 23, 2023
By Chris Forrester
Charlie Ergen’s EchoStar business, which is largely made up of revenues from its wholly-owned Hughes Networks division, reported a decline of 57,000 broadband subscribers to Hughes during the quarter to December 31st. Total subscribers at Hughes are now 1.22 million.
EchoStar’s consolidated revenues for the quarter (to December 31st) were $499.9 million ($498.6 a year ago), with a net income of $47.6 million (a loss of $80 million same period last year).
For the full year its consolidated revenues were $2 billion ($1.9 billion for 2021), with a net income of $166.5 million ($62.7 million for 2021).
“The EchoStar team finished 2022 with a solid performance, continuing to optimise operations and asset yields,” said Hamid Akhavan, CEO/president of EchoStar. “In the near term, we remain focused on operating the business in an efficient manner and preparing for the launch of our upcoming EchoStar XXIV/Jupiter 3 satellite as a catalyst for new growth. We have also made tangible strides toward expanding our future capabilities as we begin construction on a global S-band mobile satellite service network.”
Akhavan expects Jupiter 3 to launch during Q2 this year.