May 11 (Reuters) – Telecommunications services firm EchoStar posted a larger-than-expected decline in pay-TV subscribers for the first quarter, as cord-cutting pressures persist.
The results highlight ongoing consumer shifts away from traditional bundled television services toward cheaper, on-demand streaming platforms.
• Pay-TV subscribers decreased by about 366,000 in the first quarter, compared with an expected decline of 336,433 subscribers, according to Visible Alpha estimates.
• Revenue in the pay-TV segment, EchoStar’s largest, came in at $2.29 billion, beating analysts’ average estimate of $2.28 billion, according to data compiled by LSEG.
• In March, EchoStar entered into a debt restructuring deal with a group of Dish DBS’ bondholders, part of the company’s long effort to deal with heavy debt.
• The company reported revenue of $3.67 billion, a touch above estimates of $3.66 billion. First-quarter loss narrowed to $146.9 million, from $202.7 million in the same period last year.
• The results come after EchoStar was added to the S&P 500 in March.
(Reporting by Anhata Rooprai in Bengaluru; Editing by Tasim Zahid)
