Are we in a recession? Charlie Ergen thinks so.
Speaking to analysts in a post-earnings conference call, the Echostar (DISH) Chairman and CEO asserted that the surprisngly high customer churn rate in the third quarter at least in part reflects an increasingly difficult economy. “I would say the odds are that we are either in a recession today or shortly headed for a recession,” he said.
Ergen, to his credit, took most of the blame for the company’s woes. “It was a very solid quarter except for churn, and churn was very disappointing,” he said. “I just didn’t do a very good job as CEO in terms of managing that.”
On Monday, Echostar shares slumped $7.68, or 16%, to $40.83.
