ENGLEWOOD, Colo. - EchoStar Corporation (NASDAQ:SATS) reported first quarter financial results that fell short of analyst expectations on Friday.
The company’s shares were down 3.48% in pre-market trading following the release.
The satellite and wireless services provider posted a loss of $0.71 per share for Q1, wider than the $0.66 loss per share analysts were anticipating. Revenue came in at $3.87 billion, slightly below the consensus estimate of $3.88 billion.
Compared to the same quarter last year, revenue declined 3.6% from $4.01 billion. The company attributed the decrease primarily to lower Pay-TV revenue, which fell to $2.54 billion from $2.73 billion YoY.
EchoStar’s wireless segment showed some positive trends, with net subscriber additions of 150,000 in the quarter. The company also reported improved churn of 7.2% YoY in its wireless business.
"The EchoStar team performed well against our plan in the first quarter," said CEO Hamid Akhavan. "We are pleased with the progress of our Wireless business and year-over-year net add subscriber growth."
The Pay-TV segment saw its lowest DISH TV churn in over a decade at 1.36%, excluding pandemic periods. Average revenue per user in Pay-TV increased 3% compared to last year.
EchoStar ended the quarter with approximately 7.15 million wireless subscribers and 7.4 million Pay-TV subscribers. The company’s total subscriber base declined from the year-ago period.
While missing estimates, EchoStar highlighted operational improvements across its business segments as it continues integrating assets following its merger with DISH Network (NASDAQ:DISH) last year.
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