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MarketScreener Homepage  >  Equities  >  Nasdaq  >  DISH Network Corporation    DISH

DISH NETWORK CORPORATION

(DISH)
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Dish Network cuts jobs, re-evaluates business in coronavirus fallout

04/13/2020 | 12:53pm EST
A Dish Network satellite dish is shown on a residential home in Encinitas, California

Dish Network Corp has cut staff and is re-evaluating its business to cope better with the fallout from the coronavirus pandemic, the U.S. satellite TV provider told Reuters, without disclosing the number of employees laid off.

Shares of the company moved lower after Reuters reported the move, and were last down 4.8% at $21.97 in late morning trading.

"The pandemic has forced us to take a closer look at every aspect of our business, at our work volumes, our areas of focus and investments, and the performance of our team members," Chief Executive Officer Erik Carlson told employees in an internal memo, which was seen by Reuters late Sunday.

"I want you to hear directly from me that we've made a series of difficult decisions to reevaluate parts of our business, particularly within In Home Services," he added.

The company had 16,000 employees as of December 31.

Dish has struggled to retain pay-TV subscribers as it repositions itself as a wireless phone carrier, as customers are shifting to online streaming services including those from Netflix Inc and Walt Disney Co.

The latest move from Dish, which had not disclosed any coronavirus impact till date, indicates the challenges ahead for the company as it vies for a share in the 5G race.

The company stands to benefit from the merger of T-Mobile US Inc and Sprint Corp, as the combined wireless company is expected to sell off certain assets to Dish making it the fourth-largest provider in the U.S. wireless space.

(This story corrects typo in third paragraph.)

By Munsif Vengattil


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DISH NETWORK CORPORATION 2.32% 36.98 Delayed Quote.4.26%
LINE CORPORATION 0.19% 5380 End-of-day quote.0.56%
MEMBERS CO., LTD. -0.04% 2266 End-of-day quote.-0.48%
NETFLIX, INC. -0.24% 503.38 Delayed Quote.55.57%
SPACE CO.,LTD. -0.99% 797 End-of-day quote.-37.59%
T-MOBILE US -0.44% 133.14 Delayed Quote.69.78%
TEAM, INC. 4.44% 8.94 Delayed Quote.-44.02%
THE NEW HOME COMPANY INC. 2.19% 5.61 Delayed Quote.20.39%
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More news
Financials (USD)
Sales 2020 15 482 M - -
Net income 2020 1 545 M - -
Net Debt 2020 12 242 M - -
P/E ratio 2020 13,9x
Yield 2020 -
Capitalization 19 452 M 19 452 M -
EV / Sales 2020 2,05x
EV / Sales 2021 1,87x
Nbr of Employees 16 000
Free-Float 46,9%
Chart DISH NETWORK CORPORATION
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Technical analysis trends DISH NETWORK CORPORATION
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 42,89 $
Last Close Price 36,98 $
Spread / Highest target 138%
Spread / Average Target 16,0%
Spread / Lowest Target -35,1%
EPS Revisions
Managers
NameTitle
W. Erik Carlson President & Chief Executive Officer
Charles William Ergen Executive Chairman
John Swieringa COO & Group President-Retail Wireless
Paul W. Orban Chief Financial Officer & Executive Vice President
Atilla Tinic Chief Information Officer & Senior Vice President
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