Corning Shares rose more than 12% on Monday after the company raised funds Season 2 Guidanceexpected to record its best trading day since March 2020.
The company is best known for developing Gorilla Glass, which is used in apple The iPhone and other phones are doing well thanks to demand for their optical connectivity products, which power the networks that run artificial intelligence.
“We’ve invented new optical fibers, new cables, new connectors and new custom integrated optical solutions that dramatically reduce installation costs,” Corning CEO Wendell Weeks said on CNBC’s “Squawk Box.” , overall time and space, and carbon footprint.
Corning forecast second-quarter sales of $3.6 billion, up from its previous forecast of $3.4 billion. It also expects earnings per share to be “at the high end or slightly above” management’s guidance range of 42 cents to 46 cents per share.
Weeks said in a news release that it expects second-quarter profit to return to annual growth.
“These results reinforce our confidence in our ‘springboard’ position to add more than $3 billion in annual sales over the next three years as cyclical factors and secular trends combine,” Weeks added.
The company expects first-quarter sales down 6% Year-on-year, it was the lowest in the year. Sales are expected to increase in 2024 due to improving market conditions.
Corning said it will announce its second quarter 2024 results on July 30, 2024.
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