Corning Stock Falls 14% After Earnings Beat but Revenue Miss
Corning's second-quarter core earnings of $0.78 per share beat expectations, rising 30% year over year, but core sales of $4.74 billion, up 17%, fell short of analyst estimates. Shares dropped 14% in premarket trading on Tuesday following the release. The miss on revenue overshadowed the earnings beat, leading to a sharp decline in stock price.
Key facts
- Corning reported Q2 core earnings of $0.78 per share, up 30% year over year.
- Core sales were $4.74 billion, up 17% year over year.
- Shares fell 14% in premarket trading after the earnings release.
- The earnings beat expectations but revenue missed estimates.
Entities
Institutions
- Corning
Sources
- Quartz —