Stock Track | KT Corp. Plunges 7% as Q3 Sales Disappoint

Stock Track11-08

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

KT Corp's stock plunged 7.23% in the past 24 hours as the company announced its financial results for the quarter ended September 30, 2024. The company's sales declined to $4.91 billion, down from $5.10 billion in the same period last year, missing analysts' estimates.

The disappointing sales figures suggest 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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