In what is likely a sign of the continuing trend related to cord cutting among consumers, DISH Network Corp. (NASDAQ: DISH) reported it lost more than half a million satellite TV customers in the first three months of 2023. The company’s corresponding revenue for Q1 ending March 31, 2023 was totaling $3.96 billion, down 8.5% compared to $4.33 billion for the corresponding period in 2022.
Net income attributable to DISH Network totaled $223 million for the first quarter 2023, compared to $433 million for the year-ago quarter.
In total, DISH’s net pay-TV subscribers decreased approximately 552,000 in the first quarter, compared to a decrease of approximately 462,000 in the year-ago quarter. The company closed the quarter with 9.2 million pay-TV subscribers, including 7.1 million DISH TV subscribers and 2.1 million SLING TV subscribers.
The company also experienced declines in the number of retail phone wireless subscribers under its brand names Boost Mobile, Ting, Republic Wireless and Gen Mobile. However, the losses for the quarter were much-improved compared to the previous year. The net subscribers for DISH’s cellphone business decreased by approximately 81,000 in the first quarter, compared to a net decrease of 343,000 in the year-ago quarter. The company closed the quarter with a total of 7.91 million retail wireless subscribers.
DISH’s Q1 Ransomware Attack
Back in February, DISH suffered a ransomware attack that shut down the services for a multiple days. Customers were unable to access video and audio streams, services or their accounts from the cybersecurity hack. The outage affected its website, apps, customer support systems and its Boost Mobile wireless phone business. The company subsequently issued a warning to customers against data hacks.
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Despite the financial report showing the losses, investors were not pushed away. In early trading DISH Network’s stock price was up slightly for the day.
DISH is the No. 1 ranked provider of satellite TV services for the custom electronics industry according to the CE Pro 100 Brand Analysis. In 2022, the company had 39 members of the CE Pro 100 compared to 27 for DirecTV.
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