**Corning Exceeds Wall Street Expectations with Strong Q1 Revenue and Profit Forecast**
On January 29, Corning announced a first-quarter revenue and profit forecast that surpassed Wall Street’s expectations, driven by strong demand for its optical fiber products linked to artificial intelligence infrastructure. The New York-based company’s shares rose by 5.6% in premarket trading. The surge in demand for optical fiber, essential for high-speed data transfer, is largely attributed to the growing adoption of AI technologies among consumers and businesses.
Additionally, the $500 billion Stargate project, introduced by former U.S. President Donald Trump, is anticipated to further benefit Corning, as its products are expected to play a crucial role in connecting various systems, servers, and network equipment. Corning specializes in manufacturing components for carrier and enterprise networks within the telecommunications sector, as well as glass substrates for flat panel displays, including liquid crystal displays.
The company projects first-quarter revenue to reach $3.60 billion, exceeding analysts’ expectations of $3.53 billion, according to data compiled by LSEG. On an adjusted basis, Corning anticipates a profit between 48 cents and 52 cents per share, with the midpoint surpassing the average analyst estimate of 48 cents.
For the quarter ending December 31, Corning reported revenues of $3.87 billion, outperforming analysts’ predictions of $3.76 billion. The company also reported an adjusted profit of 57 cents per share, slightly above the expected 56 cents. Its optical communications segment, the largest by revenue, generated $1.37 billion for the quarter, exceeding the analysts’ estimate of $1.29 billion. Meanwhile, the display technologies segment reported revenues of $971 million, just shy of the expected $976.7 million.
