Dish Stock Sinks On Weaker Revenues, Subscribers

Dish Network posted more declines in subscribers for its traditional satellite TV business, with revenue sinking overall.

Mid-day Tuesday stock price for Dish was down more than 7% to $31.95.

First-quarter results for the big satellite TV provider sank 6% to $3.42 billion in revenue, with net income slipping 2.1% to $368 million. Analysts were expecting $3.5 billion in revenue. 

The company said its earnings were helped by a $27 million adjustment from a new revenue recognition standard.

Dish had a net loss of pay TV subscribers of 94,000 -- better than the prior-year quarter, when pay TV subscribers sank 143,000.

Dish ended the quarter with 13.1 million total subscribers -- with about 10.8 million coming from its traditional satellite TV business and 2.3 million coming from its virtual digital pay TV provider, Sling TV.

Sling TV added about 91,000 subscribers during the quarter.

Dish said its average payment per month from consumers was $84.50 -- down from $86.55 a year before.

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