Earlier this week, Dish Network’s stock fell to a 24 low as investors grew worried about cord cutting’s impact on the second-largest satellite TV provider, according to a report from Bloomberg.
With this news, Dish’s stock dropped to just $8.08, down from over $30 a share one year ago. A lot is going into this drop as Dish struggles to come back from a data breach that took it offline for several weeks.
To help keep the company going forward, Dish has slowly been transforming into a 5G wireless phone provider. Dish is already the 4th largest wireless company with its purchase of Boost Mobile.
Now though, investors seem very concerned about the company and how the recent security breach that took it offline will impact the company. Dish is now mostly back online over a month after the attack.
Cord cutting is expected to speed up in 2023 as a combination of a slowing economy, and inflation is expected to put more pressure on satellite and cable TV companies.
Dish is expected to report its 1st quarter 2023 numbers in the weeks to come, which should give us a good idea of how both its TV business and 5G wireless business are doing.