In a sharp downturn, Dish Network Corporation is grappling with a 21% decrease in stock value today, a consequence of lackluster third-quarter performance and the imminent departure of CEO Erik Carlson.
At the time of this publication, DISH Network Corp Inc stock (DISH) has witnessed a decline.
DISH Network Corp
Current Price: $4.33
Change : -1.16
Change (%): (-21.10%)
Volume: 16.7M
Source: Tomorrow Events Market Data
For the quarter ending September 30, 2023, DISH Network reported a total revenue of $3.70 billion, contrasting with the $4.10 billion recorded during the equivalent period in 2022. The company faced a net loss of $139 million for the third quarter of 2023, in stark contrast to the $412 million net income it accrued in the same quarter of the previous year.
Diluted loss per share stands at $0.26 for the third quarter, a stark contrast to the $0.65 earnings per share recorded during the parallel period in 2022. The third quarter witnessed a decrease of roughly 64,000 net pay-TV subscribers, as opposed to an increase of approximately 30,000 during the same period in 2022. Consequently, the quarter concluded with 8.84 million pay-TV subscribers, encompassing 6.72 million DISH TV subscribers and 2.12 million SLING TV subscribers.
Retail wireless net subscribers saw a decrease of approximately 225,000 during the third quarter, a marked shift from the net increase of 1,000 experienced in the preceding year. The quarter concluded with 7.50 million retail wireless subscribers.
Erik Carlson, CEO of DISH Network, is slated to step down on November 12, marking the end of his extensive tenure with the company. Hamid Akhavan, the current CEO of EchoStar Corp., is anticipated to assume the role of Dish’s CEO on November 13. This transition of leadership dovetails with the forthcoming merger between Dish Network Corp. and EchoStar Corp., which was disclosed on August 8. Akhavan is set to helm the consolidated entity once the merger reaches its culmination, projected to be by year-end. Charles Ergen, presently the chairman of both Dish and EchoStar, will serve as executive chairman in this new organizational framework.
