Corning Misses Second-Quarter Revenue Expectations

   By Micah Maidenberg

Corning Inc. (GLW) revenue grew in the second quarter, but not as fast as Wall Street analysts predicted it would.

The glass company reported revenue of $2.94 billion of the quarter, up 7% compared with last year. Analysts expected $2.98 billion, according to FactSet.

Revenue from the company's optical-communications business, which offers optical fiber, cable and other products, rose 7% in the quarter.

Corning reported a second-quarter profit of $92 million, or 9 cents a share, down from $499 million, or 55 cents a share, last year. Hedging losses in the second quarter, compared with a significant hedging-related gain a year earlier explained the drop in net income.

Corning's adjusted profit of 45 cents a share beat was a penny more than consensus estimates.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

July 30, 2019 07:48 ET (11:48 GMT)

Corning (NYSE:GLW)
Historical Stock Chart
From Mar 2024 to Apr 2024