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

Stock Track11-10

Shares of KT Corp., South Korea's largest telecommunications company, plummeted over 7% 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 plunge of 7.54% marked KT Corp's biggest single-day decline in nearly a year. Investors reacted negatively to the results, reflecting mounting headwinds faced by the company amid intensifying competition and saturating demand in the mature South Korean telecom market.

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