DISH Network plunges 9% on earnings miss, CEO's resignation
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.
Dish also said its CEO Erik Carlson will step down as President and CEO on November 12. He will remain on the Board of Directors.
«Mr. Carlson is not resigning due to any disagreement with the board of directors or management of DISH,» the company said in a filing.
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