Dish Loses 259K Pay TV Subscribers in Q1

Dish Network said it lost about 259,000 net new subscribers in the first quarter, nearly three times the 94,000 customers it shed in the prior year.

According to its 10-Q quarterly statement, Dish shed about 266,000 satellite TV customers -- up from a loss of 185,000 in Q1 2018 and gained just 7,000 Sling TV customers, compared to a gain of 91,000 subscribers in the prior year. The company ended the period with 9.639 million DISH TV subscribers and 2.424 million Sling TV subscribers.

The decline -- which may have been driven in part by the ongoing blackout of HBO which began in November, helped drive down revenue by 7.8% to $3.19 billion from $3.46 billion in Q1 2018. Net income also dipped 7.6% to $340 million (65 cents per share) in the period, compared to $368 million (70 cents per share) in the previous year.