DISH Network reports surprise profit and revenue growth, that beat by wide margins

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DISH Network Corp. reported Friday surprise increases in third-quarter profit and revenue, with both beating expectations by wide margins. The stock was still inactive in premarket trading. Net income increased to $505 million, or 86 cents a share, from $353 million, or 66 cents a share, in the year-ago period. The FactSet consensus was for a decline in earnings per share to 63 cents. Revenue grew to $4.53 billion from $3.17 billion, while the FactSet revenue consensus called for a decline to $3.13 billion. Net pay-TV subscribers increased by 116,000 in the quarter, compared with a 148,000 increase a year ago, while retail wireless net subscribers decreased by 212,000. The stock has tumbled 22.8% year to date, while the SPDR Communication Select Sector ETF has rallied 19.1% and the S&P 500 has gained 8.7%.
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