Corning Stock Sinks as Results, Q3 Outlook Underwhelm [Video]

Shares of Corning (GLW), a beneficiary of the artificial intelligence (AI) boom, tumbled Tuesday after the specialty glass maker’s second-quarter results and current-quarter guidance missed analysts’ expectations.

The company’s shares soared earlier this month after it lifted its second-quarter adjusted earnings guidance on AI fueling demand for its optical products. But on Tuesday, its shares plunged 8.5% as of 12:30 p.m. ET on GAAP Q2 results that missed estimates and a disappointing third-quarter outlook. 

Corning said that it expects core sales to grow to about $3.7 billion in the third quarter, with core earnings per share (EPS) in the range of $0.50 to $0.54. Analysts polled by Visible Alpha had been expecting $3.75 billion and $0.55, respectively.

Q2 GAAP Results Also Miss; Adjusted Figures Better

For the second quarter, Corning reported EPS of $0.12 on revenue of $3.25 billion, while analysts were looking for $0.33 and $3.36 billion, respectively.

However, Corning’s adjusted Q2 figures were stronger. …