DISH Network Earnings Beat Expectations. It's Still Losing Subscribers. - Barron's

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DISH lost 133,000 subscribers in the fourth quarter, compared to a year-ago decline of 194,000 subscribers.

Daniel Brenner/Bloomberg

DISH Network beat earnings expectations during its fourth quarter despite declining subscribers. Shares of the telecom firm were rising in premarket trading.

The company (ticker: DISH) reported net income of $733 million, or $1.24 a share. Analysts were expecting 78 cents a share, according to FactSet. Revenue of $4.56 million was in line with consensus estimates.

Net paid television subscribers declined 133,000 during the quarter, compared to a decline of 194,000 in the fourth quarter of 2019. It had 11.29 million pay-TV subscribers at the end of the year, including 8.82 million for DISH TV and 2.47 million for SLING TV. Average revenue per user in the category was in line with expectations at $94.47.

Its retail wireless segment saw subscribers decline by 363,000 in the fourth quarter to 9.06 million. The company has said it plans to spend $10 billion to build out a 5G network with 15,000 sites by June 2023.

Raymond James analyst Ric Prentiss, who has a Strong Buy rating on the stock with a $55 price target, said subscriber numbers missed expectations but noted operating income before depreciation and amortization of $1.19 billion was well ahead of his estimate for $849 million.

DISH stock was up 0.6% to $33.86 in premarket trading Monday, while S&P 500 futures were down 0.7%.

Write to Connor Smith at connor.smith@barrons.com

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DISH Network Earnings Beat Expectations. It's Still Losing Subscribers. - Barron's
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