Dish Network, the satellite television provider, experienced a surprising third-quarter loss, causing a decline in its stock price. The company reported a loss of 26 cents per share on revenue of $3.7 billion, which fell short of the expected profit of 11 cents per share on revenue of over $3.8 billion, according to analysts surveyed by FactSet.
As a result, Dish’s stock plummeted by 8.5% during premarket trading on Monday, impacting investors who were hoping for better results.
Selling off assets in Puerto Rico and the U.S. Virgin Islands
Dish’s executive vice president of corporate development, Tom Cullen, stated that this sale will not only enhance competition within the wireless market in Puerto Rico and the USVI but also provide Dish with additional capital to concentrate on their wireless business in the United States.
The deal is valued at around $256 million and is expected to be finalized in the next year. The stock price of Liberty Latin America saw a modest increase of 1% during premarket trading.