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Corning: Q2 Earnings Snapshot
Corning said optical communications sales rose 32% and demand tied to generative AI helped offset weaker consumer electronics demand.
- On Tuesday, Corning Inc. reported second-quarter revenue of $4.74 billion, beating the $4.61 billion analyst estimate, though the company forecast third-quarter sales of $4.9 billion to $5.0 billion, falling slightly short of Wall Street expectations.
- Growth in Corning's Optical Communications segment decelerated to 32% from 36% the prior quarter, while softer global smartphone demand weighed on specialty glass products used in display technologies.
- Adjusted earnings per share jumped 30% year-over-year to $0.78, surpassing the $0.75 analyst estimate, while Corning posted $559 million in second-quarter profit.
- Shares of Corning tumbled as much as 20.1% on Tuesday, marking the stock's worst day since July 30, 2002, when it fell 21.59%, as investors reacted to the conservative guidance.
- CEO Wendell Weeks unveiled the "Springboard Plan," projecting 19% annual sales growth through 2030 and forecasting sales run rates of $20 billion by end-2026, $30 billion by end-2028, and $40 billion by end-2030.
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Glass-maker Corning shares plunge 20% on lower sales forecast
Corning's stock dropped significantly after reporting slower fiber optics growth. The company forecast lower third-quarter sales, disappointing market experts. This decline erased billions in the company's market value. Investors noted a slowdown in the vital optical communications segment. The stock's rapid surge over the past year led to a pullback.
·India
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Corning falls 16% after forecasting weaker-than-expected Q3 sales
July 28 (Reuters) - Corning on Tuesday forecast third-quarter sales that fell slightly short of Wall Street expectations after reporting slower growth in its key fiber optics unit, sending its shares down more than 16% in premarket trading. The compa...
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Leaning Left2Leaning Right2Center2Last UpdatedBias Distribution34% Left, 33% Center, 33% Right
Bias Distribution
- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
34% Left
L 34%
C 33%
R 33%
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