REUTERS: Dish Network Corp on Wednesday reported a nearly 5 percent drop in quarterly revenue, as the U.S. satellite TV service provider lost more-than-expected pay-TV subscribers.
The company said its pay-TV business, which includes both satellite TV and streaming service Sling TV, lost a net 334,000 subscribers during the fourth quarter, more than what analysts had expected Dish to lose at 264,000, according to research firm FactSet.
Dish’s core satellite TV business has been struggling from "cord-cutting," as consumers cancel their cable and satellite television subscriptions and increasingly shift to online video streaming.
Net income attributable to Dish Network fell to US$337 million, or 64 cents per share, in the fourth quarter ended Dec. 31 from US$1.39 billion, or US$2.64 per share, a year earlier when it recorded an about US$1.2 billion tax gain.
Dish reported 64 cents in diluted earnings per share for the quarter.
Analysts on average had expected the company to report a profit of 67 cents per share on revenue of US$3.28 billion, according to IBES data from Refinitiv.
Revenue fell to US$3.31 billion from US$3.48 billion.
(Reporting by Sayanti Chakraborty in Bengaluru and Sheila Dang in New York; Editing by Arun Koyyur, Bernard Orr)