Corning falls over 20% after forecasting weaker-than-expected sales (updated)

Corning Incorporated

28/07/2026 15:19

Updates shares
July 28 (Reuters) - Corning GLW.N on Tuesday forecast third-quarter sales slightly short of Wall Street expectations after reporting slower growth in its key fiber optics unit.
Shares of the company fell over 20% in early trading, putting the company on track to shed more than $23.2 billion in market value, if losses hold.
Corning's optical fiber business has helped drive growth amid AI-fueled data center demand, offsetting weakness in its Gorilla Glass segment tied to softer consumer electronics markets.
Its shares have risen about 64% so far this year after gaining 84.2% in 2025. 
Here are some details:
Sales in Corning's Optical Communications segment rose 32% to $2.07 billion, compared with 36% growth in the prior quarter. The growth rate was also below the 81% increase recorded a year earlier. 
Corning said demand for products tied to generative AI infrastructure continued to accelerate, helping support growth across the business.
Executives said in an earnings call that memory pricing is expected to remain a headwind for the handheld market this year, with unit volumes forecast to decline in the mid-teen percentage range.
Solar sales nearly doubled to $438 million, though the segment reported a loss. Corning expects profitability to improve in the third quarter. 
A key supplier to Apple, the company has been hurt by softer global smartphone demand weighing on volumes for its specialty glass products, particularly display technologies.
Corning forecast third-quarter core sales of $4.9 billion to $5 billion and adjusted earnings of 85 cents to 89 cents per share.
It reported second-quarter revenue of $4.74 billion, compared with analysts' estimate of $4.61 billion, according to LSEG data.

 (Reporting by Rashika Singh in Bengaluru; Editing by Pooja Desai)
 ((Rashika.Singh@thomsonreuters.com;))