KT Corporation (NYSE: KT) reported a 2.6% year-over-year increase in revenue in the first quarter of 2023 under the Korean International Financial Reporting Standards (K-IFRS).
In addition, the company successfully generated KRW 6.43 trillion ($4.84 billion) despite the spin-off of its cloud subsidiary, KT Cloud.
KT's balanced approach drove this growth to expand its wired and wireless businesses.
Its wired business grew 4.1% year-on-year, driven by rising demand for high-speed Internet and fixed-line telephony services.
Meanwhile, its wireless business grew 2.8% year-on-year, driven by the continued rise of the 5G market.
In its quest for innovation, KT also made significant progress in new businesses, including AI, B2B, and mobility.
The AI business recorded robust growth of 14.6% year-on-year, supported by the expansion of AI-based services such as AI contact centers and AI-powered marketing solutions.
The B2B business grew 5.4% YoY, driven by increased cloud computing and digital transformation services.
Finally, the mobility business grew 12.2% year-on-year, supported by the rise of connected cars and autonomous driving services.
KT is actively diversifying its business portfolio to consolidate its growth momentum, focusing on media content, digital transformation (DX), and finance.
In media, the company invests heavily in producing and distributing original content and expanding its content distribution channels to reach a wider audience.
In DX, KT offers a range of solutions for businesses of all sizes and is also pushing the boundaries in developing new DX technologies, such as AI and big data.
KT aims to expand its financial services business in finance and continuously innovate new financial products and services.
KT is taking decisive steps to improve its corporate governance to enhance corporate value further.
For example, the company recently established a "New Governance Building Task Force" to refine corporate governance practices and exceed global standards.
Mr. Kim Young-jin, CFO of KT, said, "We will continue our efforts to increase corporate value by building an advanced governance system. With this comprehensive strategy, KT is well-positioned to maintain a robust growth trajectory and deliver potential value to investors and stakeholders.
