DISH Shares Swoon as Subs Leave, Churn Spikes
DISH Network (DISH) shares are down sharply this morning after the satellite TV company reported some disturbing subscriber data for Q2.
For the quarter, the company posted revenue of $2.91 billion, right in line with expectations, and profits of 75 cents a share, nicely above the Street consensus at 60 cents.
But the company also noted that it lost 25,000 net subscribers in the quarter. In a 10-Q filing with the SEC this morning, the company blamed the surprise drop in subscribers on “weak economic conditions, aggressive promotional offerings by our competition, the heavy marketing of HD service by our competition, the growth of fiber-based pay TV providers, signal theft and other forms of fraud, and operational inefficiencies at DISH Network.”