On Monday, Corning’s stock saw its greatest trading day since March 2020 as it closed 12% higher after the company increased its second-quarter expectations.
Renowned for creating Gorilla Glass for Apple iPhones and other smartphones, the company attributes the superior performance to the increased demand for its optical connectivity technologies, which fuel generative artificial intelligence networks.
Corning CEO Wendell Weeks stated, “We’ve invented new fibres, new cables, new connections, and new bespoke integrated optical solutions to drastically lower installation costs, overall time and space, and carbon footprint.”
After previously estimating $3.4 billion, Corning now projects second-quarter sales of $3.6 billion.
Additionally, profits per share is anticipated to be “at the high end or slightly above” the 42–46 cent range that management has planned for.
Source (CNBC)
