, shares of Dish Network hit a 25 year low today after releasing a terrible third-quarter earnings report. The company, whose Dish Wireless unit has been selected to be the nation's"fourth nationwide facilities-based network competitor" replacing Sprint, lost 26 cents a share during the three-month period that ended at the end of September. This was much worse than the 6 cents per share loss that Wall Street analysts were expecting.
Some of the red ink illustrates the difficulties Dish faces as it looks to compete in the wireless industry. Bloomberg Intelligence Senior Analyst John Butler said that the poor results show how hard it is to take on the heavyweights in the sector such as. Butler noted that the upcoming merger with EchoStar could give Dish the financial wherewithal to complete the stand-alone 5G network it is building, but won't help it with the challenges it faces from the other major carriers.
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