Stock Track | KT Corp Stock Plunges 6.8% as Q3 Sales Disappoint

Stock Track11-08

Shares of KT Corp., South Korea's largest telecommunications company, plummeted 6.8% on Thursday after the firm reported weaker-than-expected sales for the third quarter of 2024, raising concerns about slowing growth.

According to the financial results announced on November 8, KT Corp's sales declined to $4.91 billion for the quarter ended September 30, down from $5.10 billion in the same period last year. The disappointing sales figures missed analysts' estimates, sparking a sell-off in the company's stock.

The disappointing sales performance suggests that KT Corp is facing mounting headwinds amid intensifying competition and saturating demand in the mature South Korean telecom market. Investors reacted negatively to the results, driving the stock to its biggest single-day decline in nearly a year.

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