Movement Alert｜Corning Intraday Rise 3.17% in Regular Trading, earnings beat and upbeat guidance renewed focus on optical communications growth

Market Focus10-28 22:05

On October 28, Corning rose 3.17% in Regular Trading, trading at $130.49 per share, with turnover of $222 million.

The move followed renewed market focus on the company’s stronger-than-expected quarterly results and above-consensus outlook, which kept attention on the momentum in its optical communications business.

Corning reported third-quarter core sales of $5.081 billion, up 19% year over year and above the $5.02 billion market expectation, while core EPS reached $0.91 versus the $0.89 consensus. Optical communications revenue rose 44% to $2.379 billion. The company also guided fourth-quarter core EPS to $0.96-$1.00 and core sales to $5.2-$5.3 billion, both ahead of market expectations, and disclosed multiple long-term fiber supply agreements with major customers.

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