Shares of Dish Network Corp. DISH, -8.29% tumbled 6.5% in premarket trade Wednesday, after the satellite TV company reported a fourth-quarter profit that missed expectations and pay-TV subscribers that fell more than forecasts. Net income fell to $337 million, or 64 cents a share, from $1.39 billion, or $2.64 a share, in the same period a year ago, which included a $1.2 billion tax-reform benefit. The FactSet consensus was for earnings per share of 66 cents. Revenue fell to $3.31 billion from $3.48 billion, but was above the FactSet consensus of $3.28 billion. Net Pay-TV subscribers decreased by about 334,000, compared with the FactSet consensus of a 245,000 decrease, and the company ended the quarter with 12.32 million Pay-TV subscribers, below expectations of 12.52 million. The stock has shed 29.5% over the past 12 months, while the S&P 500SPX, +0.30% has gained 3.1%.
DISH Network Corp shares were trading at $28.68 per share on Wednesday afternoon, down $2.58 (-8.25%). Year-to-date, DISH has gained 14.86%, versus a 10.07% rise in the benchmark S&P 500 index during the same period.
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