Corning Plunges 17% as Q3 Guidance Misses Lofty AI Expectations
GLW has more than doubled off its 52-week low of $54.89.
Summary
Corning's Q2 results beat estimates, but the stock is down over 17% premarket after the company guided for 16% core sales growth, with revenue of $4.9B–$5B, falling short of the $5B consensus. The miss punctures the AI-fueled rally that had more than doubled shares over the past year, as investors had priced in even faster growth from optical fiber demand. This follows a string of major deals with NVIDIA and Amazon, and a record high of $217 in June. The guidance disappointment signals that hyperscale buildout may not accelerate as quickly as the market hoped. Watch for management commentary on the earnings call for any color on order pipelines or margin pressure.
At the time of this announcement, GLW was trading at $117.99 on NYSE in the Technology sector, with a market capitalization of approximately $123.4B. The 52-week trading range was $54.89 to $271.78. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.