KT Corp. Net Misses Estimates on Costs, Smartphone Discounts
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KT Corp., South Korea’s largest phone and Internet company, posted second-quarter profit that missed analysts’ estimates on higher spending and discounts to lure smartphone users.
Net income rose 0.3 percent to 420.6 billion won ($392 million) in the three months ended June 30 from a year earlier, KT said in a regulatory filing today. That trailed the 511.7 billion won average of six analysts’ estimates compiled by Bloomberg. Profit was boosted by the sale of the Russian unit this year, KT said.