Corning Shares Drop 18% After Earnings Report, Dragging Down Optical Component Stocks
Shares of Corning (GLW) fell nearly 18% on Tuesday after the company reported second-quarter earnings that beat expectations but issued a revenue forecast below Wall Street's consensus. Despite reporting higher-than-expected earnings per share and revenue, Corning projected core revenue growth for the current quarter at $4.9 billion to $5 billion—below FactSet’s estimate of $5 billion. The stock was on track for its worst day since 2002. The decline in Corning's shares triggered a broader sell-off among optical component stocks, with companies like Marvell, Lumentum, AXT and Coherent also falling sharply. Corning has been increasingly involved in AI data center infrastructure through fiber optic solutions, including recent multi-year deals to support Amazon’s expanding data centers.
Tickers: $AXTI $COHR $GLW $LITE $MRVL
Topics: AI infrastructure Corning data centers optical components