Corning’s Q2 earnings topped estimates but weaker-than-expected Q3 guidance triggered a sharp premarket selloff.
Corning posted Q2 core earnings of $0.78 per share, a 30% year-over-year increase, and core sales of $4.74 billion, up 17%. The results exceeded Wall Street expectations of $0.76 per share and $4.63 billion in sales.
Analysts had anticipated Q3 core earnings of $0.85 per share and sales of $4.99 billion. Corning’s guidance called for earnings between $0.85 and $0.89 and sales of $4.9 billion to $5 billion, falling short of consensus. Optical Communications led growth with $2.07 billion in sales, up 32% year over year.
Shares fell 14% in premarket trading following the release. The company cited improving Solar segment profitability in Q3 after facility upgrades but reported a $7 million net loss for the segment in Q2.