Dish Misses Wide in Q3

Loses 111,000 net subscribers
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Dish Network lost about 111,000 net subscribers in the third quarter, widely missing analyst consensus estimates of 80,000 losses.

Gross customer additions were also short of the mark - 656,000 in the period, vs. analysts' consensus of 667,000. The weakness in gross additions was magnified by higher than expected churn levels - 1.83% compared to consensus of 1.78%. Revenue of $3.6 billion slightly missed consensus of $3.63 billion, but cash flow of $874 million was disappointing compared to consensus estimates of $908 million.

The one bright spot? Net income again rose significantly - by 30% in the quarter to $319 million. Net income was also up 30% in the second quarter.

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