Dish Network profit falls; net subscribers rise
Dish Network Corp
Shares of the company rose 9 percent in trading before the bell.
Dish added about 26,000 net subscribers during the quarter ended June 30, ending the quarter with about 13.61 million subscribers.
The subscriber growth was helped by the digital transition on June 12, the completion of its security access device replacement program and new sales and marketing initiatives.
Second-quarter net profit fell to $63.4 million, or 14 cents a share, from $335.9 million, or 73 cents a share, a year ago. Revenue was largely flat at $2.90 billion.
Analysts had on average forecast revenue of $2.91 billion, according to Reuters Estimates.
The Englewood, Colorado company, controlled by satellite entrepreneur Charlie Ergen, has been under extensive competitive pressure in recent quarters from its larger rival DirecTV Group
The company's previous focus on the low-income end of the pay-TV market had hurt its operations as the economy turned weak.
Dish shares rose 9 percent, or $1.68, to $20.10 in trading before the bell. They closed at $18.42 Friday on Nasdaq.
(Reporting by S. John Tilak and Yinka Adegoke; Editing by Ratul Ray Chaudhuri, Vinu Pilakkott)
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