EchoStar Corporation SATS shares are trading lower on Friday.
The company reported a second-quarter loss per share of 76 cents, which missed the street view of 17 cents loss. Quarterly revenues of $3.953 billion missed the analyst consensus of $3.983 billion.
Service revenue decreased to $3.742 billion from $4.088 billion a year ago. Net Pay-TV subscribers decreased approximately 104,000 in the second quarter, compared to 294,000 in the year-ago quarter.
The change in net Pay-TV subscriber losses resulted from SLING TV subscriber additions in the quarter compared to losses in the year-ago quarter and a decrease in net DISH TV subscriber losses due to a lower DISH TV churn rate, offset by lower gross new DISH TV subscriber activations.
The company closed the quarter with 8.07 million Pay-TV subscribers, including 6.07 million DISH TV subscribers and 2.00 million SLING TV subscribers.
“We directed efforts on aligning key business synergies and objectives, focusing on profitable customer acquisition and retention efforts, and making improvements in our go-to-market approach for Retail Wireless,” said Hamid Akhavan, president and CEO of EchoStar.
Retail Wireless net subscribers decreased by approximately 16,000 in the second quarter, compared to 188,000 in the year-ago quarter.
“We are in constructive discussions to address necessary financing, working to strengthen our consumer offerings and value propositions, enhancing our state-of-the-art Open RAN network, and driving profitability across the enterprise,” Akhavan added.
The company exited the quarter with cash and equivalents worth $546.6 million.
Price Action: SATS shares are trading lower by 15.8% to $16.91 at last check Friday.
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