Business 2 min read By Bethany Hadley
Corning shares rise 3% in premarket trade after third-quarter results beat estimates
Shares of Corning gained about 3% in premarket trading after the glassmaker and materials company reported third-quarter earnings per share and revenue above analyst expectations.
Shares of Corning rose about 3% in premarket trading after the company reported third-quarter earnings per share and revenue that beat analyst estimates.
The results point to a stronger quarter than many market watchers had anticipated for the New York-based maker of specialty glass and ceramics. Corning's performance has been closely tied to demand for display glass, optical communications and advanced materials, sectors that have been shaped in recent periods by shifts in consumer electronics and the build-out of fibre networks.
The premarket move suggests investors welcomed the figures as a sign that the company's core businesses are holding up better than expected. Trading before the regular session is typically thinner and can be volatile, so the size of the gain may change once the main market opens.
Corning's quarterly beat comes at a time when the broader industrial and technology supply chain remains sensitive to changes in customer orders and pricing. Companies that supply components to electronics and telecommunications makers are often among the first to reflect shifts in end-market demand.
The source material available for this report does not include the exact figures for earnings per share or revenue, nor detailed management commentary on guidance for the coming quarters. Readers should consult the company's formal earnings release for the precise numbers and any updated outlook.
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