Dish Network Corporation stock swung to a loss again this morning to $3.47 from yesterday’s close of $3.51, a severe loss from $17.16 where it traded last November.
Dish reported a Q3 2023 loss of 26 cents per share on November 6, a surprise to Wall Street. Dish finished the quarter with 8.84 million pay TV subscribers, down from 8.904 million at the end of the second quarter and 10.02 million a year ago.
Dish satellite subscribers fell to 6.72 million from 6.901 million at the end of the second quarter and 7.607 million a year ago.
Revenue fell 9.8% to $3.7 billion, impacted by Dish posting a loss of 225,000 wireless customers during the quarter, which followed the loss of 188,000 customers during the second quarter of this year. Dish ended Q3 with approximately 7.5 million wireless customers.
Yesterday, Dish’s stock lost nearly 40% of its value after its Q3 release. and Friday’s announcement, saying that Dish Network and CEO Erik Carlson submitted his resignation that he’ll be leaving the company on November 12.
2023 will end with 20,000 sites on air
During its Q3 analysts call, President and COO of Dish Wireless John Swieringa, said that Dish will have about 20,000 sites on air by the end of this year for macro coverage.
“And we’re in the process now of doing all the RF designs and plans for the 2025 build-out. It’s a slightly different kind of build in terms of morality and other factors, but we’re probably not in a position to give any more guidance on that right now. But we’re hard at work to put those plans together,” Swieringa said.