5G subscriber loss and delays
Satellite TV provider Dish Network Corp. fell heavily in 19 months after reporting new subscriber losses and providing little evidence of progress in building its 5G wireless network.
The company’s shares fell 15% to $ 36.44 in New York, the worst intraday fall since March 2020
Total customer base dropped to 10.98 million
According to the statement, Dish lost 13,000 Pay TV subscribers in the third quarter, bringing its total TV customer base down to 10.98 million and its wireless customer base losing 120,000 subscribers.
Investors are starting to see larger contributions, including a $ 5 billion wireless sharing deal with AT&T Inc. and billions of dollars more in long-term tower leases.
Worries are compounded by the fact that the commercial launch of the world’s first 5G cloud network, which was expected earlier this year, has not yet arrived. Such technical delays are a minor hindrance to the big picture, according to co-founder and chairman Charlie Ergen.
“The market doesn’t always do it right in the short term. Our job is to follow through and then provide people with a roadmap to understand why investing in Dish is a smart investment. We certainly have something to work on,”he said.