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DISH Network plunges 9% after earnings miss

Published 06/11/2023, 12:52
© Reuters.

Dish Networks (DISH) shares fell about 9% in early Monday trade after the company reported weaker-than-expected results for the third quarter.

The company reported a loss per share of 26 cents, much worse than the analysts' estimate that was looking for a profit per share of 11 cents. Revenue for the quarter came in at $3.7 billion versus the consensus estimate of $3.82 billion.

This way, DISH shifted from a net income of $412 million in the same period last year to a net loss of $139 million.

Furthermore, there was a noticeable shift in the number of net pay-TV subscribers. In the third quarter, there was a decrease of approximately 64,000 subscribers, in contrast to a net increase of around 30,000 during the same quarter in the previous year.

The company concluded the quarter with a total of 8.84 million pay-TV subscribers. This figure comprises 6.72 million DISH TV subscribers and 2.12 million SLING TV subscribers.

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