A Dish Network satellite dish is shown on a residential home in Encinitas, California, U.S.
Dish Network Corp’s (DISH.O) quarterly revenue fell 5 percent, the U.S. satellite TV service provider said on Wednesday, as it leaked thousands of subscribers in the face of cheaper options like Netflix and Hulu.
Dish shed a net 367,000 satellite subscribers during the third quarter, far beyond a consensus estimate of 232,000 net customer losses, according to research firm FactSet.
Dish has tried to lure viewers to its $25-per-month online streaming service Sling TV as it battles cord-cutting in its satellite-TV services, with audiences shifting to Netflix (NFLX.O), Amazon.com’s (AMZN.O) Prime Video and other services.
But Sling added just 26,000 subscribers during the quarter ended September while analysts on average had expected 71,000 additions, according to FactSet.
The average monthly subscriber churn rate, or the percentage of subscribers who leave a service provider, rose to 2.11 percent, compared with 1.82 percent in the same period last year.
Net income attributable to the company rose to $432 million, or 82 cents per share, in the third quarter ended Sept. 30, from $297 million, or 57 cents per share, a year earlier.
Revenue fell to $3.40 billion from $3.58 billion in the prior-year quarter, matching analysts’ expectations, according to IBES data from Refinitiv.