Dish Network (NASDAQ:DISH) shares trade over 3% lower in pre-market after the company reported worse-than-expected Q1 results.
The company said its revenue fell 8.5% year-over-year to $3.96 billion, missing the $4.06B consensus. Dish posted a profit per share of $0.35 while analysts were looking for a cent higher.
The company also reported 9.2 million Pay-TV subscribers, a drop of 10% relative to the year-ago period. Analysts were expecting 9.34M.
Goldman Sachs analysts said the miss was likely driven by a cybersecurity incident.
“The company reported KPIs that were largely below expectations in its Pay-TV business, which we believe were impacted by the cybersecurity incident that Dish disclosed in February. For example, total Pay-TV net adds of -552k were a material miss vs. GSe -335k and Visible Alpha Consensus data of -357k owing to higher churn,” the analysts said.