Dish Network Corp. fell short of profit expectations Thursday as the telecommunications company shed subscribers across its wireless and pay-TV businesses.
Shares were off 0.9% in premarket trading Thursday.
The company reported third-quarter net income of $557 million, or 88 cents a share, up from $505 million, or 86 cents a share, in the year-prior quarter. Analysts tracked by FactSet were expecting 91 cents in earnings per share.
Dish’s
DISH,
revenue declined slightly to $4.45 billion from $4.53 billion, though the revenue total matched the FactSet consensus.
The company saw net pay-TV customers fall by about 13,000 in the third quarter, whereas it posted gains of 116,000 in the year-earlier quarter. Dish finished the quarter with 10.98 million pay-TV subscribers, including 8.42 million using Dish TV and 2.56 million using Sling TV.
In Dish’s wireless business, the company shed a net of roughly 121,000 subscribers during the quarter, whereas it lost about 212,000 in the year-prior quarter. Dish had 8.77 million retail wireless subscribers as of the end of the quarter.
Shares of Dish have risen 33% so far this year as the S&P 500
SPX,
has increased 24%.
This post was originally published on Market Watch
