Why Dish (DISH) Stock Is Soaring Thursday

DISH Network Corp DISH stock is up Thursday following reports of selling wireless plans for its nascent mobile phone service through Amazon.Com Inc AMZN.
The arrangement can potentially give the telecom company's 5G rollout a critical lifeline, the Wall Street Journal cites knowledgeable sources.
Dish stock's session volume reached 7 million vs. the average 100-day volume of 9.4.
Dish is already a customer of Amazon's cloud-computing services.
Also Read: Dish Comes Clean On February Hack: Affects Personal Info Of 300K Employees, Customer Details Unaffected
Dish voiced the need for Apple Inc's AAPL iPhone's operation on the company's new 5G network to tap the device's sizable market share.
Dish and its affiliates doled out $30 billion on mobile spectrum licenses, spending the past three years installing a nationwide network of cell towers and software with the latest 5G technology from scratch.
The potential deal allows Dish to market its service to millions of prospective customers and help Amazon expand its relatively small footprint in the consumer smartphone market.
Amazon has previously discussed potential wireless business deals with Dish.
Wireless plans sold through Amazon's e-commerce portal could eventually challenge rival cellphone carriers AT&T Inc T, Verizon Communications Inc VZ, and T-Mobile US, Inc TMUS as they battle slowing subscriber growth following a pandemic-era boom.
In May, Dish reported a first-quarter FY23 revenue decline of 8.6% year-on-year to $3.96 billion, missing the consensus estimate of $4.06 billion. EPS of $0.35 missed the consensus estimate of $0.36.
The net decrease primarily resulted from the decline in revenue from its Pay-TV Wireless and Wireless segments.
Price Action: DISH shares traded higher by 12.50% at $7.01 on the last check Thursday.
Photo via Wikimedia Commons

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Why Dish Stock Is Soaring Thursday