Losses Widen for EchoStar
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EchoStar Communications Corp. said Tuesday that its third-quarter loss widened because acquisition costs rose as the company signed up more customers for its satellite-television service.
The news didn’t sit well with investors, who pushed EchoStar shares down $4.06, or 10%, to $36.13 in Nasdaq trading Tuesday.
The No. 2 satellite broadcaster’s loss widened to $130.9 million, or 28 cents a share, from $124.4 million, or 28 cents, in the year-earlier period. Revenue rose 63% to $698 million from $428.2 million.
Littleton, Colo.-based EchoStar, which operates the Dish Network satellite-TV service, added 455,000 subscribers during the quarter to reach 4.77 million. That exceeded the 450,000 customers added by rival DirecTV, a unit of General Motors Corp.’s Hughes Electronics Corp. DirecTV had 9 million customers at the end of the third quarter.
EchoStar said it exceeded 5 million customers this month.
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