Corning Misses Profit Estimates on Gorilla Glass Demand
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Corning Inc.’s profit missed analysts’ estimates as demand for Gorilla Glass, the hard cover glass used for smartphones and tablets, was weaker than the company expected. The shares fell the most since 2012.
Second-quarter earnings, excluding some items, of 37 cents a share fell short of the 38 cents that analysts had estimated on average, according to data compiled by Bloomberg. Core net sales rose 28 percent to $2.58 billion, the Corning, New York-based company said today in a statement. Analysts had estimated $2.53 billion.