Corning Forecasts Lower Q1 Profit Amid Reduced Demand for Optical Fiber Cables

Despite a dip in telecom orders, recovery in the global smartphone market could boost the company's Gorilla Glass sales.

Corning, a specialty glass maker, forecasts a weaker first-quarter profit due to lower demand for its optical fiber cables from telecom customers.
The company's adjusted profit is expected to be between 32 cents and 38 cents per share, below analysts' estimates of 39 cents.
Sales at Corning's optical communications segments fell 24% year-on-year, primarily due to low orders from carrier customers.
Despite a challenging post-pandemic period, momentum in the global smartphone market is recovering, which could benefit Corning's Gorilla Glass product used in smartphones.
Corning reported core sales of $3.27 billion in the fourth quarter, slightly above estimates of $3.26 billion.