Dish Network (NASDAQ:DISH) shares rose on Monday despite the company reporting first quarter earnings that came in below expectations on revenue and profit and a half-a-million decline in pay-TV subscribers.
For the quarter ended March 31, 2023, the entertainment and technology company posted revenue of $3.96 billion, down from $4.33 billion in the year-ago quarter and short of the consensus analyst expectation of $4.05 billion.
Earnings per share were $0.35, down from $0.68 in the comparable quarter in 2022 and modestly below Wall Street’s expectation of $0.36, per Zacks Consensus Estimate.
DISH also reported a net loss in pay-TV subscribers of 552,000 during the first quarter, a greater loss than the 462,000 decline posted in the year-ago quarter and above analysts' forecast of a decline of 357,000, per a FactSet survey.
It closed out the period with 9.2 million pay-TV subscribers, including 7.1 million DISH TV subscribers and 2.1 million SLING TV subscribers.
Analysts had been expecting the company to report 9.34 million subscribers.
After initially falling more than 5% in pre-market trading, DISH shares had added 3% at US$7.33 late morning on Monday.
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