“Corning shares pop 12% as AI boom drives stronger-than-expected demand for equipment”
July 10, 2024
“Corning shares closed up 12% Monday after the company raised its second-quarter guidance, marking the stock’s best trading day since March 2020.
The company, known for developing the Gorilla Glass used for Apple iPhones and other phones, credits the outperformance to demand for its optical connectivity products that power networks that run generative artificial intelligence…
Corning expects second-quarter sales of $3.6 billion, up from previous guidance of $3.4 billion. It also expects earnings per share to be “at the high end or slightly above” management’s guided range of 42 cents to 46 cents per share…”