cnbc_investing

Corning plunges despite strong quarterly results — here's our plan for the stock

📰 source: cnbc_investing · 💼 business

corning shares plunged on tuesday despite strong quarterly results. the specialty glassmaker reported core revenue of $4.74 billion, up 17% year over year and above the $4.61 billion consensus. adjusted eps rose 30% to 78 cents, beating estimates by 2 cents. the stock fell more than 18% intraday to around $115, closing down 12% at $126.01. the weakness is attributed to a broader market rotation out of ai stocks, not a change in fundamentals. forward q3 revenue guidance came in at $4.9-$5.0 billion, slightly below the midpoint of estimates. corning reiterated long-term targets: $20 billion annual sales by end of 2026, $30 billion by 2028, and $40 billion by 2030. management noted accelerating orders, particularly in data center fiber optics. the company also highlighted a deal with amazon and a previous $6 billion meta contract. despite the sell-off, the firm sees strong demand from ai infrastructure buildout, including scale-up and photonics opportunities.

why it matters: strong results overshadowed by ai stock rotation; patient investors may find value in corning's long-term growth and data center exposure.

source: cnbc_investing
sentiment: -0.60 · impact: 0.40

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These charts show why stocks keep rallying. Profit margins are the highest on record

Trade court upholds Trump's closure of 'de minimis' loophole

OpenAI revenue chief Denise Dresser leaving, second major executive departure in days

BAE Systems to pay $36m penalty after 104 violations of US arms export rules