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    Corning Inc (GLW)

    Q3 2023 Earnings Summary

    Reported on Jan 4, 2025 (Before Market Open)
    Pre-Earnings Price$26.93Last close (Oct 23, 2023)
    Post-Earnings Price$25.59Open (Oct 24, 2023)
    Price Change
    $-1.34(-4.98%)
    • Optical Communications revenues are 30% below trendline due to continued weak demand as carriers draw down inventory, with limited visibility into recovery timelines.
    • Lower panel maker utilization in the Display Technologies segment is leading to reduced volume and uncertainty about when demand will improve, potentially impacting near-term sales.
    • There is a concern that the long-term trendline in Optical Communications may reset lower due to potential overbuild and higher interest rates affecting service provider investments, which could lead to a lower steady-state revenue level.