Corning Raises Q2 Guidance to $3.6B, EPS 42-46c, Stock Soars 7%

Jul 8, 2024, 12:41 PM

Corning Inc. has raised its second-quarter guidance, expecting core sales to reach approximately $3.6 billion, surpassing the previous estimate of $3.4 billion and consensus of $3.41 billion. The company also anticipates core EPS to be at the high end or slightly above the prior range of 42 to 46 cents, with a consensus of 45 cents. This outperformance is primarily driven by the strong adoption of new optical connectivity products for generative AI. As a result, Corning's stock has soared 7% in premarket trading.