Dish Earnings Fall as New Pay-TV Subscribers Decline
November 09 2017 - 7:44AM
Dow Jones News
By Allison Prang
Earnings fell at Dish Network Corp. in the third quarter as the
company took on fewer new Pay-TV subscribers compared to this time
last year.
The cable company reported earnings of $297.4 million, or 57
cents per share, compared to $318.5 million a year ago. Dish said
its churn rate for Pay TV subscribers was 1.57%, down from 2.11%.
Revenue for the quarter was $3.58 billion, down from $3.77 billion
a year ago.
At the end of the quarter, not including the 145,000 subscribers
in Puerto Rico and the U.S. Virgin Islands that Dish took out of
its subscriber count because of Hurricane Maria, the cable company
had 13.2 million Pay-TV subscribers. Last year, that number was
13.6 million.
Dish took on about 638,000 gross new Pay-TV subscribers, it
said, down from 736,000 last year. The company said those
subscribers rose by 16,000 in the U.S.
The company cut expenses in the quarter by 3.4%. Costs
associated with subscriber acquisition advertising fell, as did
satellite and transmission expenses, which include costs related to
Sling TV, the company's streaming service.
Cable companies have struggled with consumers backing away from
the cable TV space. Dish launched Sling TV two and a half years ago
in an attempt to lure younger viewers and people who aren't
subscribing to regular cable.
Dish shares were down about 1% on very low volume in premarket
trading. Year to date, they are down almost 16%.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
November 09, 2017 07:29 ET (12:29 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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