Shares of Dish Network Corp. (DISH) fell more than 3% in premarket trading on Wednesday, Nov. 7, after the cable network company reported a drop in quarterly revenue and a significant decline in subscribers.
Dish reported third-quarter earnings of $432 million, or 82 cents a share, up from $297 million, or 57 cents, a year ago. However, the Meridian, Co.-based company reported that revenue fell to $3.4 billion from $3.58 billion a year ago.
Revenue from subscribers declined by 5.6%.
The company reported a significant decline in subscribers during the quarter, dropping 367,000 direct broadcast satellite customers while gaining only 26,000 Sling TV over-the-top subscribers.
Dish had 10.3 million U.S. pay-television subscribers and 2.4 million Sling TV subscribers. The total number of pay-television subscribers was 12.7 million, down from 13.2 million a year ago. Analysts were calling for third-quarter subscribers of 12.9 million.