[Featured Stock] Shift Up, 3rd quarter operating profit plummets, down 8% in early trading

Shift Up [462870] is falling more than 8% in the early trading on the 11th due to poor performance in the third quarter.

At 9:10 am on this day, Shift Up is trading at 28,750 won in the stock market, down 8.29% from the previous price.

The stock price began trading at 29,750 won, down 5.1%, and the decline increased.

Shift Up announced the previous day that its third quarter operating profit was KRW 20.7 billion, down 58.2% from the same period last year, and its net loss for the period was KRW 25.5 billion, turning it into a deficit.

Kim So-hye, a researcher at Hanwha Investment & Securities [003530], said, “The third quarter performance fell short of market expectations due to a decrease in sales of major IP (intellectual property rights),” and added, “We are lowering the target stock price from 55,000 won to 40,000 won due to the lower performance estimate.”

He went on to explain, “Both performance and new product momentum are stagnant, it has been a long time since we entered a situation with no new expectations, and market expectations have been significantly lowered. A rebound in existing IP sales is expected in the fourth quarter, but the business direction that will drive performance growth after next year has not been specified.”