KORE Group shares are trading lower after the company reported worse-than-expected Q2 financial results and cut its FY24 revenue guidance below estimates. Also, the company appointed a new CEO and announced plans to reduce its workforce by 19%.
Portfolio Pulse from Benzinga Newsdesk
KORE Group shares are trading lower after the company reported worse-than-expected Q2 financial results and cut its FY24 revenue guidance below estimates. Additionally, the company appointed a new CEO and announced plans to reduce its workforce by 19%.
August 15, 2024 | 2:30 pm
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KORE Group shares are trading lower due to worse-than-expected Q2 financial results, a cut in FY24 revenue guidance, a new CEO appointment, and a 19% workforce reduction.
The combination of disappointing Q2 results, reduced revenue guidance, significant workforce reduction, and leadership change creates a negative outlook for KORE Group in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100