Corning, a key supplier to Apple, forecast third-quarter sales that fell slightly short of Wall Street expectations, sending its shares down more than 16% in premarket trading. The company supplies optical fiber products that are crucial in data center development.
Financial Details
Sales in Corning’s Optical Communications segment rose 32% to $2.07 billion, compared with 36% growth in the prior quarter. Corning said demand for products used in generative AI infrastructure continued to accelerate, helping offset more muted growth in some of its other businesses.
Sales in the Solar segment nearly doubled to $438 million, although the business reported a quarterly loss following a maintenance shutdown and equipment upgrade. Corning forecast third-quarter core sales of $4.9 billion to $5.0 billion and adjusted EPS of 85 cents to 89 cents, implying year-over-year growth of about 16% and 28%, respectively.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
