Corning’s Q2 revenue rose 17% to $4.74 billion, surpassing estimates, but shares fell amid broader AI stock sell-off.
Corning reported a 17% year-over-year increase in core revenue to $4.74 billion for the quarter ended June 30, exceeding the $4.61 billion consensus estimate. Adjusted earnings per share rose 30% to 78 cents, also topping expectations of 76 cents.
The company’s strong results were overshadowed by a broader market rotation out of AI-related stocks, which had driven Corning’s shares to record highs in late June. Shares surged from under $170 to over $255 before retreating sharply.
Corning’s stock fell more than 18% on Tuesday, hitting a low near $115, as margin calls and short-selling pressure intensified the decline. The sell-off reflects a correction in AI-linked equities rather than fundamental concerns about the company.