• by Wayne Friedman , May 8, 2023

Continuing its pay TV business declines, Dish Network's first-quarter revenue slipped 9% to $3.96 billion -- with net income sinking by almost half to $223 million, down from $433 million.

Overall, net pay TV subscriber declines widened to 552,000 versus 462,000 in the first quarter of 2022.

That puts Dish's total business at 9.20 million pay-TV subscribers, with 7.10 million Dish TV satellite subscribers and 2.10 million Sling TV virtual pay subscribers. Dish lost 318,000 subscribers, while Sling lost 234,000 year-over-year.

In somewhat positive news, average revenue per month per user (ARPU) grew $102.71 from $99.44.

Amid its effort to build its wireless phone business, the company trimmed losses to 81,000 in the period, down from a 343,000 first-quarter 2022 loss. It now has 7.9 million wireless subscribers.

Satellite pay TV has been losing subscribers more quickly than cable system subscribers for years.

Industry-wide, as of the third quarter of 2022, total satellite subscribers were down 13% to 17.4 million, according to estimates from MoffettNathanson Research. Analysts have long speculated over a merger between the two biggest satellite TV providers -- Dish Network and DirecTV.

In mid-Monday morning trading, Dish's stock price was down 1.2% to $7.04. Over the last 12 months the stock has been down 67%, and down 77% over the past five years.