Corning tumbles despite in-line to positive Q3 results and bright Q4 outlook
AI has been a source of surging demand for the 174-year-old company’s fiber-optic cables, which are used to help link servers in data centers.
Corning is tumbling even as the the 174-year-old glass maker and pioneer of Pyrex and fiber-optic cables reported in-line to positive Q3 results on Tuesday, along with a better-than-anticipated Q4 outlook.
Corning reported:
Core earnings per share of $0.67, in line with consensus expectations from analysts, according to Bloomberg.
Core sales of $4.27 billion vs. a $4.23 billion consensus expectation from analysts.
The company expects fourth-quarter core sales of about $4.35 billion compared to a consensus estimate of $4.29 billion from Wall Street, with core EPS between $0.68 and $0.72, the midpoint of which is also above Wall Street’s estimate of $0.68.
“The 4Q outlook suggests sustained AI-driven optical demand,” Bloomberg Intelligence analysts Woo Jin Ho and Kiran Jagtiani wrote.
However, the early reaction to these results suggests that while Corning continues to capture benefits from the AI data center building boom, it may take more to impress investors in light of its strong performance year to date.
Through the end of trading on Monday, Corning shares were up nearly 90% in 2025, as the company takes advantage of rising demand tied to the AI investment boom. That would be the best year for the stock since 2009, when it rose 103%.
