Corning Cuts 3Q Views for Display Technologies and Optical Communications Segments
September 16 2019 - 6:55PM
Dow Jones News
By Josh Beckerman
Corning Inc. (GLW) is reducing third-quarter guidance for its
Display Technologies and Optical Communications, while maintaining
expectations for its other three segments.
Shares were down 6.8% after hours to $28.
Within the Display Technologies segment, several panel
manufacturing customers have reduced utilization below anticipated
levels.
In the Optical Communications segment, several major carriers
are cutting capital spending on cable deployments and
fiber-to-the-home projects, the company said.
Corning said it is "taking actions to lower cost to align with
revised sales expectations. These actions include capacity
adjustments in Display and Optical Communications, reductions in
operating expenses, and pacing of capital projects."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 16, 2019 18:40 ET (22:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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