JYP shares plummet over 9% amid disappointing Q1 results

2024.05.13 11:49:01

[Photo by Yonhap]이미지 확대

[Photo by Yonhap]

JYP Entertainment saw its stock price drop by over 9 percent Monday morning after announcing its first-quarter results that fell below market expectations.

JYP Entertainment shares traded at 62,800 won as of 9:16 a.m., down 9.38 percent from the previous session. The company disclosed its results from January to March 2024 following the closing bell on May 10th, 2024, which showed 1.04 trillion won ($760 million) in revenue and 33.6 billion won in operating profit.

On the same day, Hana Financial Investment lowered its target price for JYP Entertainment from 110,000 won to 100,000 won, citing the company’s lackluster first-quarter performance and limited momentum in the second quarter of 2024.

Meanwhile, shares in Kosdaq-listed Wontech saw a sharp decline in early trading on Monday after the company’s disappointing first-quarter results. The shares traded at 8,930 won as of 9:13 a.m., down 17.54 percent from the previous session. Wontech disclosed first-quarter consolidated revenue and operating profit of 225.6 billion won and 66.3 billion won, respectively, after the close of trading on My 10th, 2024. The figures represent a 21 percent and 51 percent decrease compared to the same period in 2023, falling below consensus estimates by 32 percent and 51 percent respectively.

By Pulse

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