Latin America Drives DirecTV Q1

604K net new customer additions for satellite TV giant

DirecTV reported stronger than expected first quarter
results Tuesday, driven by continued robust growth at its Latin American
operations and a steady showing in the United States.

DirecTV added a total of 604,000 net new subscribers in the
period, the bulk of that growth (583,000) occurring in Latin America. But
analysts were also encouraged by steady growth in the U.S. - the 21,000
domestic net new additions were only slightly below consensus estimates of
25,000 additions, and revenue and cash flow growth soundly beat predictions.

"[The] U.S. results indicate [DirecTV's] strategy to
selectively manage gross [additions], focus on retention and grow ARPU is
paying off," wrote Morgan Stanley analyst Ben Swinburne in a research note.

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