Corning sees second-quarter core sales above estimates as AI boom aids demand

Reuters

Tue, Apr 29, 2025, 5:13 AM 1 min read

(Reuters) -Corning forecast second-quarter halfway income supra Wall Street expectations connected Tuesday, aided by beardown request for its optical connectivity products utilized successful AI-related infrastructure.

Shares of the company, which besides makes Gorilla Glass, roseate much than 1% successful premarket trading.

Corning's cables and connectors are benefiting from businesses pouring wealth into caller information halfway projects, which necessitate instrumentality that tin rapidly process information to bid artificial quality models.

"In optical communications, income successful our endeavor concern were up 106% twelvemonth implicit twelvemonth connected continued beardown request for our caller products for Gen AI," said Corning CEO Wendell Weeks.

Telecom companies' propulsion to grow their 5G networks to cater to much users has besides driven up request for Corning's optic fibre products.

Corning is besides a large supplier of solid for Apple's products and could basal to payment from the iPhone maker's plans to put $500 cardinal successful the U.S. implicit the adjacent 4 years.

The specialty solid shaper forecast second-quarter halfway income of astir $3.85 billion, compared with estimates of $3.82 billion, according to information compiled by LSEG.

The institution expects second-quarter adjusted net per stock successful a scope of betwixt 55 cents and 59 cents per share, compared with estimates of 56 cents.

It reported first-quarter halfway income of $3.68 billion, beating estimates of $3.64 billion.

On an adjusted basis, the institution earned 54 cents per share, compared with estimates of 51 cents.

(Reporting by Zaheer Kachwala successful Bengaluru; Editing by Leroy Leo)