Seoul: SK Telecom Co. has announced a significant decline in its second-quarter net income, reporting earnings of 83.2 billion won (US$60 million), marking a 76.2 percent decrease compared to the previous year. The figures were revealed in a regulatory filing by the company.
According to Yonhap News Agency, the company's operating income for the April-June period also experienced a downturn, falling 37.1 percent on-year to 338.3 billion won. Additionally, sales saw a slight decrease of 1.9 percent, totaling 4.33 trillion won. These results did not meet the market expectations, where analysts had predicted an average net profit of 187.3 billion won, based on a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
The decline in SK Telecom's earnings comes amid challenging market conditions and increased competition in the telecommunications sector. The company's performance highlights the ongoing pressures faced by major telecom operators as they navigate evolving industry dynamics.