Coin World News Report:
Watch video immediately 6:05 06:05. Corning CEO Wendell Weeks on raising second quarter guidance: Seeing convergence of cyclical and long-term trends on Squawk Box.
Corning’s stock price rose more than 12% on Monday, after the company raised its second-quarter guidance, potentially heralding its best trading day since March 2020. The company is known for developing Gorilla Glass for Apple’s iPhone and other smartphones, and attributes its strong performance to demand for its optical connectivity products, which power networks running artificial intelligence. Corning CEO Wendell Weeks stated on CNBC’s “Squawk Box” program, “We’ve invented new fiber, new cables, new connectors, and new custom integrated optical solutions that dramatically reduce installation costs, overall time and space, and carbon footprint.” Corning expects second-quarter sales to be $3.6 billion, higher than the previous $3.4 billion. The company also anticipates earnings per share to be “at the high end or slightly above” the management’s guided range of $0.42 to $0.46 per share. Weeks mentioned in a press release that the second-quarter earnings are also expected to mark a year-over-year growth recovery. Weeks added, “These results strengthen our confidence in the ‘Springboard’ – the combination of cyclical factors and long-term trends – as Corning plans to add over $3 billion in annual sales over the next three years.” The company expects first-quarter sales to be the lowest of the year, with a 6% year-over-year decline. Due to improved market conditions, Corning foresees higher sales for the full year of 2024. Corning stated that it will announce its second-quarter 2024 performance on July 30, 2024.
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Watch video now 17:16 17:16. Why the US is witnessing a fiber technology boom.
