DirecTV Profits Only Slightly Down10 Feb, 2009 By: Chris Tribbey
DirecTV profits in its fourth quarter of 2008 declined by 5%, to $332 million, compared to the same period in 2007, but company president and CEO Chase Carey pointed out that the company is doing well considering the current economic conditions.
DirecTV netted more than 460,000 new subscribers worldwide in the fourth quarter, 301,000 of those in the United States, the company said Feb. 10 when it reported its fourth-quarter 2008 results. The nation’s biggest satellite company saw its revenue increase 9% during the quarter to $5.31 billion.
“Clearly DirecTV’s strong brand and message of offering the best television experience in America is resonating with consumers as we saw the best quarterly net subscriber growth in over three years,” he said. “Despite the more challenging economic and competitive landscape, we remained sharply focused on attaining higher quality subscribers.”
Carey pointed to increased promotions as the cause of the jump in subscribers.
For all of 2008, the company posted a profit of $2.7 billion on revenue of nearly $20 billion.