Dish Network profit falls short of estimates, but revenue beats

Dish Network Corp. said Thursday it had net income of $73 million, or 13 cents a share, in the first quarter, down from $340 million, or 65 cents a share, in the year-earlier period. Revenue rose to $3.22 billion from $3.19 billion. The FactSet consensus was for EPS of 57 cents and revenue of $3.15 billion. The satellite TV company, which is planning to launch a 5G wireless phone service, said the COVID-19 pandemic caused "severe disruption" in segments it serves, including the hospitality and airline industries. The company paused service or offered temporary rate relief to about 250,000 subscribers in the quarter. "DISH does not expect to incur significant expenses from the reactivation of any returning commercial accounts," the company said in a statement. It ended the quarter with 11.32 million pay-TV subscribers. Net pay-TV subscribers declined by about 413,000 in the quarter. Dish shares were not yet active premarket, but have fallen 35% in the year to date, while the S&P 500 has fallen 12%.

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