Stock Track | KT Corp. Plunges Over 5% Premarket on Weak Q3 Sales

Stock Track11-08

Shares of KT Corp., South Korea's largest telecommunications company, tumbled more than 5% in premarket trading on Thursday after the firm reported weaker-than-expected sales for the third quarter of 2024.

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 and raised concerns about slowing growth for the telecom giant.

Investors reacted negatively to the results, driving KT Corp's stock down 5.07% in premarket trading. The plunge reflects mounting headwinds faced by the company amid intensifying competition and saturating demand in the mature South Korean telecom market.

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