Amid all the pandemic-related economic disruption out there has been a meteoric rise in the unemployment rate. The perception is that this is mostly due to hourly and contract workers in 'non-essential' industries. But here in telecommunications and internet infrastructure, which is pretty much holding the world together right now, we're safe... right? Yesterday, Dish Network offered an opinion to the contrary.
According to reports yesterday, Dish Network says it has cut 'staff and is re-evaluating its business to cope better with the fallout from the coronavirus pandemic.' Few details were given about who and how many, except that the re-evaluation is across 'every aspect' of the business and particularly in the 'In Home Services' area of the busienss. The market responded by taking the company's share price down by 4.6%, as this suggests greater vulnerability that had been anticipated.
Where else might this be true across the sector? Or would longer term underlying pressure on Dish's have caused this anyway? It's hard to tell from one data point, but with earnings season kicking off in a week or two, I suppose we are going to know soon enough.
Dish has also been preparing to dive into the wireless space, quickly building out a national 5G-capable network. I wonder how those preparations are going under current conditions, as such work requires a smoothly functioning ecosystem.
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