Dish Network Corp. (NASDAQ: DISH) reported its first-quarter financial results before the markets opened on Wednesday. The company said it had $0.84 in earnings per share (EPS) on $3.79 billion in revenue, which compares to consensus estimates from Thomson Reuters of $0.62 in EPS on revenue of $3.80 billion. In the same period of last year, the company posted EPS of $0.76 and $3.72 billion in revenue.
During the first quarter, Dish activated roughly 657,000 gross new pay-TV subscribers, compared to 723,000 gross new pay-TV subscribers in the same period from last year. At the same time, net pay-TV subscribers fell by about 23,000, compared to a gain of 35,000 a year ago.
Also Dish added 5,000 net broadband subscribers in the first quarter, bringing its broadband subscriber base to roughly 628,000.
The company closed the first quarter with 13.874 million pay-TV subscribers, compared to 14.013 million pay-TV subscribers at the end of first quarter 2015.
Pay-TV average revenue per user (ARPU) in this quarter totaled $87.94, compared to the year-ago period’s pay-TV ARPU of $85.73. Pay-TV subscriber churn rate was 1.63%, compared to 1.64% for first quarter 2015.
So far in 2016, Dish has underperformed the market, with the stock down 17%, but the number gets worse over the past 52 weeks, with the stock down nearly 32%.
Shares of Dish were trading up 1.2% at $47.92 Wednesday morning, with a consensus analyst price target of $66.42 and a 52-week trading range of $38.85 to $76.29.
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