EchoStar Corp. swung to a first-quarter profit in its first quarter as a public company on revenue from providing satellite services to sibling Dish Network Corp, the company reported on Tuesday.

The technology and set-top box company said it has reversed its first-quarter loss and posted $5.7 million in net income as revenue rose 24 percent.

The Englewood, Colo.-based company, a spinoff from Dish Network, said revenue rose 24 percent to $555 million from $448 million a year earlier.

Analysts surveyed by Thomson Financial estimated, on average, a profit of 1 cent a share on revenue of $494.6 million.

The company's shares fell 24 cents or 0.8 percent to $31.30 in afternoon trading.

EchoStar spun off from the former EchoStar Communications , which was renamed Dish Network , on January 1 this year following a decision to divide the company's satellite-television assets from its equipment businesses and certain satellite assets.

EchoStar said it expects to experience significant pressure on margins we earn on the sale of set-top boxes and other equipment, including on sales to Dish, because of advancements in the technology and functionality of set- top boxes and other equipment.