Corning shares soared 12% on Monday after the company raised its second-quarter guidance, marking its best trading day since March 2020. Known for developing Gorilla Glass for Apple iPhones and other devices, Corning attributed its strong performance to increased demand for its optical connectivity products, which are essential for networks running generative artificial intelligence.<\/p>\n
\u201cWe\u2019ve invented new fibers, new cables, new connectors, and new custom integrated optical solutions to dramatically reduce installation costs, overall time, space, and carbon footprint,\u201d Corning CEO Wendell Weeks stated on CNBC\u2019s \u201cSquawk Box.\u201d<\/p>\n
Corning now expects second-quarter sales to reach $3.6 billion, up from the previous guidance of $3.4 billion. Earnings per share are anticipated to be \u201cat the high end or slightly above\u201d the previous range of 42 cents to 46 cents per share. Weeks noted that second-quarter earnings are expected to show year-over-year growth.<\/p>\n
\u201cThese results reinforce our confidence in \u2018Springboard\u2019 \u2014 Corning\u2019s plan to add more than $3 billion in annualized sales over the next three years as cyclical factors and secular trends combine,\u201d Weeks added.<\/p>\n
While first-quarter sales declined by 6% year over year, Corning expects them to be the lowest for the year, projecting higher sales throughout 2024 due to improving market conditions.<\/p>\n
Corning will report its second-quarter 2024 results on July 30, 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"
Company Raises Q2 Guidance Amid High Demand for Optical Connectivity Products<\/p>\n","protected":false},"author":331,"featured_media":48059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[14996,4745],"class_list":["post-48058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","tag-corning","tag-tech"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/331"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=48058"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48058\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/48059"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=48058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=48058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=48058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}