Why Corning Stock Dropped 11.9% Today

Shares of Corning (NYSE: GLW) fell as much as 11.9% in trading on Tuesday after the company reported second-quarter financial results. Shares are down 8.2% as of 3 p.m. ET.Corning reported a modest 3.4% increase in revenue to $3.6 billion and non-GAAP (adjusted) earnings per share was $0.47, which met analyst estimates. But the company guided for $3.7 billion in revenue and earnings of $0.50 to $0.54 per share, which was below the $0.55 in earnings analysts expected. The company also announced a deal with Lumen Technologies to sell 10% of its fiber capacity to the company. This will be used to build faster connections between artificial intelligence (AI) data centers. In theory, this should be a long-term growth channel for the company, although 10% of capacity is not a big percentage of the company's revenue.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool