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Corning tumbles 16% after earnings, leading rout in optical stocks
CNBC • • business
Key Points:
- Corning's shares plummeted 16% after the company reported second-quarter earnings, negatively impacting other optical component stocks in the AI sector.
- Although Corning beat earnings per share (78 cents vs. 76 cents) and revenue ($4.74 billion vs. $4.61 billion) estimates, its revenue forecast for the current quarter fell short of Wall Street expectations.
- The company projects core revenue growth of 16%, with a range of $4.9 billion to $5 billion, below FactSet's consensus of $5 billion.
- The stock is experiencing its worst single-day decline since October 8, 2002, when it dropped 17.3%.
