EchoStar Corporation (NASDAQ: ECHO) shares soared 5.03% during intraday trading, following the company's announcement of its second-quarter financial results.

The company reported a net income of $8.46 billion, or $24.12 per diluted share, a dramatic turnaround from a loss of $306.1 million a year earlier. The profit was primarily attributable to a non-cash deconsolidation gain of approximately $9.73 billion. Excluding the tax-affected impact of this gain, net income would have been about $49.46 million. Revenue declined 4% to $3.58 billion, roughly in line with analyst expectations.

The positive earnings surprise appeared to overshadow concerns about recent Chapter 11 bankruptcy filings by EchoStar subsidiaries, including Dish DBS and Hughes Network Systems, as investors reacted to the improved bottom line and the significant deconsolidation gain.