Dish Network Corp. (DISH) - Get Report shares were down more than 5% Wednesday after the Englewood, Colo.-based satellite television company reported fourth-quarter earnings below expectations and lost pay-TV subscribers.

The company reported fourth-quarter net income of $337.1 million, or 64 cents a share, falling short of Wall Street's expectation of earnings of 67 cents. Revenue of $3.31 billion topped analysts' $3.28 billion expectations. 

The company's problem during the quarter was cord-cutting as Dish Network suffered a net loss of about 334,000 pay-TV subscribers. That number was due partly to the HBO blackout subscribers suffered in the quarter. Last year the company reported adding 39,000 pay-TV subscribers in the fourth quarter.  

Analysts polled by FactSet were expecting the company to lose just 264,000 subscribers in the quarter. 

The company finished the fourth quarter with 12.32 million subscribers, including 9.9 million DISH TV subscribers and 2.42 million Sling TV subscribers. 

Dish reported average revenue per user of $85.46 in 2018, down from the $86.43 ARPU in 2017. 

Year to date, Dish shares have fallen more than 17% while the stock has declined more than 30% over the past 12 months.