DISH Network (DISH 50.00, +1.27) has jumped 2.6% in pre-market despite missing earnings expectations.
The satellite television provider reported below-consensus third quarter earnings of $0.57 per share on a 5.0% year-over-year decline in revenue to $3.58 billion, which was just shy of expectations.
The company noted that Hurricane Maria caused significant damage, which led to customers in Puerto Rico and U.S. Virgin Islands to not receive service after the end of September. DISH Network stopped charging customers who were disconnected and removed approximately 145,000 subscribers from its subscriber count at the end of the quarter. The quarter ended with 13.203 million subscribers, down from 13.643 million one year ago.
The company activated 638,000 gross new Pay-TV subscribers, down from 736,000 gross new activations one year ago. Net Pay-TV subscribers increased by 16,000 during the third quarter. When including the removal of subscribers in Puerto Rico and U.S. Virgin Islands, net Pay-TV subscribers declined by 129,000.
On the bright side, Pay-TV subscriber churn rate slowed to 1.57% in the third quarter from 2.11% one year ago.
Shares of DISH Network have faced notable pressure over the past three months, falling to a new 2017 low at the end of October. The stock was down 20.5% for the year at its lowest point of the year, but some buying in the past two weeks helped DISH narrow its 2017 loss to 13.7%.