Dish Network's Profit Falls Sharply And Revenue Misses Expectations

Dish Network Corp. reported a second-quarter net profit of $40 million, or 9 cents a share, down from $424 million, or 91 cents a share, in the same period a year ago. The FactSet consensus was for earnings per share of 74 cents. Revenue fell to $3.64 billion from $3.86 billion, missing the FactSet consensus of $3.72 billion, as subscriber-related revenue dropped to $3.61 billion from $3.83 billion. The company activated 444,000 gross new Pay-TV subscribers, down from 527,000 a year ago. The stock, which was still inactive in premarket trade, has rallied 10.5% year to date through Wednesday, while the S&P 500 has gained 10.7%.