Dish Network will lose its spot on the Standard & Poor’s (S&P) 500 index later this month, the parent company of the stock market index announced on Monday.
Starting June 20, Dish will be replaced by Palo Alto Networks on the S&P 500, while Dish moves down to the S&P SmallCap 600. The SmallCap index typically represents companies that have less than $1 billion in market capitalization.
The move comes as Dish’s stock price has falled considerably over the last few months as the company grapples with various business elements, including its continued build-out of a standalone fifth-generation (5G) wireless network, a trend of cord-cutting that has eaten into its traditional satellite television business and a crippling cyberattack that left some of its internal systems offline for several weeks.
Shares of Dish have fallen 66.2 percent over the last year, with the company seeing a 48.3 percent decline since the start of 2023, according to financial data reviewed by The Desk on Monday. Dish was trading around $7.30 per share as of 11 a.m. Eastern Time.
Last month, Dish said it brought in $223 million in net income during the first financial quarter of the year, a 48 percent decline from the $433 million earned during the same period in 2022. In its traditional pay TV business, Dish has around 7.1 million Dish customers and 2.1 million Sling TV subscribers.