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2025-07-29 19:58:24
Corning's Earnings Exceed Expectations: AI Demand Fuels Core Sales, Shares Rise Pre-Market] ⑴ On July 29th, specialty glass manufacturer Corning Inc. (Corning) forecast third-quarter core sales to exceed Wall Street expectations, driven by demand for its optical connectivity products driven by artificial intelligence (AI). ⑵ Corning's stock price rose approximately 6% in pre-market trading on this positive news. ⑶ Artificial intelligence continues to drive growth for Corning's products, such as cables and connectors, which are widely used by hyperscale data centers for large-scale computing and data transmission. ⑷ Corning CEO Wendell Weeks stated that new growth drivers are expected in the coming months as new and existing customers seek to leverage Corning's extensive advanced manufacturing base in the United States. ⑸ Corning's largest division, Optical Communications, achieved net sales of $1.57 billion in the second quarter, a 41% year-over-year increase. ⑹ The company's core sales for the quarter increased 12% to $4.05 billion, far exceeding expectations of $3.86 billion. 7. Looking ahead, Corning expects third-quarter core sales of approximately $4.2 billion, higher than the expected $4.01 billion, and core earnings per share of 63 to 67 cents, also higher than the expected 61 cents. 8. Despite previously facing an EU antitrust investigation, Corning avoided potential fines by adjusting its commercial terms, allowing it to focus on seizing market opportunities presented by AI.
