Dish network suffered its worst quarterly subscriber drop of all time during the three-month period that ended June 30. Still, the satellite TV provider managed to beat Wall Street’s earnings forecast over the same 90 days.
Across the second quarter of 2016, Dish lost 281,000 net pay-TV subscribers. That’s a full 200,000 more than last year’s comparable time frame declines.
The company posted 88 cents in diluted earnings per share (EPS) on $410 million in profit, comfortably beating analyst estimates of 72 cents. Dish missed on revenue, however, as its $3.83 billion in sales was a bit under Wall Street’s prediction of $3.85 billion.
This quarter, Dish activated 527,000 gross new pay-TV subs, down more than 100,000 from last year’s. The company closed Q2 with 13.593 million subscribers.
Dish lost 15,000 net broadband subscribers in the second quarter, dragging its broadband subscriber base down to 613,000.
The publicly traded company includes all of its Sling TV subscribers in the company’s total Pay-TV metrics.
The price of DISH shares dropped immediately after the U.S. stock markets opened on the cord-cutting fears. The stock has since effectively recovered for the day, however.
Here’s a snapshot of Thursday’s activity:
Dish executives will hold a conference call at noon ET to discuss the results.