UPDATE: Dish Posts Downbeat Q1 Profit

Dish Network

reported an 18% drop in its first-quarter profit. Dish's quarterly earnings slipped to $175.9 million, or $0.38 per share, versus $215.6 million, or $0.47 per share, in the year-ago period. Its revenue climbed 6.5% to $3.59 billion from $3.38 billion, while total costs increased 7.7%. However, analysts were expecting earnings of $0.44 per share on revenue of $3.58 billion. Dish added 40,000 net pay-TV subscribers in the quarter, versus an addition of 36,000 in the year-ago period. Dish added around 53,000 net broadband subscribers in the period, versus a gain of 66,000 in the year-ago quarter. Dish shares gained 0.34% to close at $62.66 yesterday.