Dish Networks (NASDAQ:DISH) shares dropped more than 7% pre-market today following the announcement of third-quarter results that fell short of expectations.
The company reported a quarterly loss of 26 cents per share, a stark contrast to the anticipated analyst forecast of an 11-cent profit per share. Quarterly revenue also missed the mark, reaching $3.7 billion against the projected $3.82 billion.
The company also experienced a downturn in net pay-TV subscribers, losing about 64,000 subscribers this quarter, as opposed to gaining 30,000 in the same period last year.
At the quarter’s end, Dish reported a total of 8.84 million pay-TV subscribers, including 6.72 million DISH TV and 2.12 million SLING TV subscribers.
In additional company news, Dish announced that CEO Erik Carlson will resign from his roles as President and CEO on November 12, although he will continue to serve on the Board of Directors.