Dish Network shares up 2.6% premarket after earnings top estimates

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Dish Network Corp. shares jumped 2.6% in premarket trade Friday, after the satellite TV company beat second-quarter earnings estimates. Englewood, Colo-based Dish said it had net income of $452 million, or 78 cents a share, in the quarter, up from $317 million, or 60 cents a share, in the year-earlier period. Revenue fell to $3.19 billion from $3.21 billion. The FactSet consensus was for EPS of 59 cents and revenue of $3.09 billion. The company said Dish TV net subscribers fell by about 40,000 in the quarter, while SLING TV subscribers fell about 56,000. “The COVID-19 pandemic has caused significant disruption in certain commercial segments served by DISH, including the hospitality and airline industries,” the company said in a statement. Dish paused service on about 250,000 commercial accounts in the first quarter and removed them from its subscriber count. In the second quarter, about 45,000 of those accounts resumed normal service. The company ended the quarter with 11.27 Pay-TV subscribers, including 9.02 million Dish TV subscribers and 2.25 million SLING TV subscribers. Shares have fallen 3.3% in the year through Thursday, while the S&P 500 has gained 3.7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.