(Reuters) - Dish Network Corp on Wednesday reported a nearly 5 percent drop in quarterly revenue, as the U.S. satellite TV service provider lost more-than-expected pay-TV subscribers.
The company said its pay-TV business, which includes both satellite TV and streaming service Sling TV, lost a net 334,000 subscribers during the fourth quarter, more than what analysts had expected Dish to lose at 264,000, according to research firm FactSet.
Dish’s core satellite TV business has been struggling from "cord-cutting," as consumers cancel their cable and satellite television subscriptions and increasingly shift to online video streaming.
Net income attributable to Dish Network fell to $337 million, or 64 cents per share, in the fourth quarter ended Dec. 31 from $1.39 billion, or $2.64 per share, a year earlier when it recorded an about $1.2 billion tax gain.
Dish reported 64 cents in diluted earnings per share for the quarter.
Analysts on average had expected the company to report a profit of 67 cents per share on revenue of $3.28 billion, according to IBES data from Refinitiv.
Revenue fell to $3.31 billion from $3.48 billion.