Dish TV bleeds subscribers while rivals benefit from COVID-19 lockdowns

Dish Network Corp. revenue slipped in the three months through June, with subscribers continuing to drop the service even as rivals benefited from COVID-19 lockdowns that prompted Americans to spend more time with at-home entertainment. The Englewood, Colorado-based satellite TV provider’s second-quarter revenue fell 0.6 percent from a year ago to $3.19 billion as profit rose to $452 million, or 78 cents per share, from $317 million the year prior. Wall Street analysts surveyed by Refinitiv were expecting revenue of $3.1 billion on adjusted earnings of 58 cents per share. The number of paid Dish TV net subscribers fell by 40,000 in the three months through June while the amount of Sling TV net subscribers decreased by 56,000. A year ago, Dish TV subscribers fell by 79,000 while Sling TV subscribers rose by 48,000. Dish TV saw 45,000 of the approximately 250,000 commercial accounts, including companies in the airlines and hospitality industries that paused their subscriptions during the early days of the pandemic, resume their service. Dish Network shares fell 3.3 percent year-to-date through Thursday, trailing the S&P 500’s 3.66 percent gain.

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