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.
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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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