Turk Telekom Falls as Second Quarter Results Miss Estimates

July 16 (Bloomberg) -- Turk Telekomunikasyon AS, Turkey’s largest phone company, fell after reporting second-quarter results were below estimates.

The stock retreated 0.6 percent to 6.96 liras at the close in Istanbul, erasing an earlier gain of 1.1 percent and extending its 0.6 percent slide last week.

Net income was 629.6 million liras ($347.5 million) in the three months, Turk Telekom said in a statement to the Istanbul Stock Exchange today. The company was expected to earn 670.3 million liras, according to the average of 11 analyst estimates compiled by Bloomberg.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net