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Dish Network Corp. dropped 20% to $4.39 after the communication company reported third-quarter financial results.

Revenue in the third quarter declined 9.5% to $3.7 billion from $4.1 billion, and the company swung to a net loss of $116.8 million from a profit of $429.6 million, and diluted earnings per share were a loss of 26 cents compared to 65 cents a year ago.

In the quarter, Pay TV subscribers fell by 64,000, and the loss of wireless subscribers accelerated, ending the quarter with 7.5 million retail wireless subscribers.

Retail wireless net subscribers decreased by approximately 225,000 in the third quarter, compared to a net increase of 1,000 in the year-ago quarter.

In addition, the company agreed to sell its wireless spectrum assets and about 120,000 wireless subscribers in the U.S. Virgin Islands and Puerto Rico to Liberty Latin America.

The sale of the assets and subscriber base was valued at $256 million, paid in cash and international roaming credits, and the transaction is expected to close in the first half of 2024.

The company announced the resignation of CEO Erik Carlson effective November 12, and Hamid Akhavan, the current CEO of EchoStar Corp., is expected to lead the company.

06 Nov, 2023

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