Dish Network (NASDAQ:DISH) stock is down on Monday after announcing layoffs due to the coronavirus from China.
According to an internal memo sent to Dish Network employees, the company has parted way with some of its workers. It explains that the reason behind this is the changing environment that coronavirus is causing.
The Dish Network news doesn’t detail how many employees the layoff is affecting. However, it does mention that the majority of cut jobs come from its In Home Services division. DISH says the changes were made to sustain its business.
Dish Network CEO Erik Carlson said this about the DISH stock layoffs.
“The pandemic has forced us to take a closer look at every aspect of our business, at our work volumes, our areas of focus and investments, and the performance of our team members. I want you to hear directly from me that we’ve made a series of difficult decisions to reevaluate parts of our business.”
The internal memo affecting Dish Network stock today also makes mention of future plans. This includes the company shifting focus to wireless networks. The company wants to realign its business to push into the 5G market.
At the same time, Carlson says that the company is going to keep focusing on Dish TV, Sling TV, DISH Media, Smart Home Services, as well as other core parts of its business.
DISh stock was down 5.33% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.