Investors sold off Corning stock after Q2 results despite beating estimates, focusing on future growth targets over current performance.
Corning (NYSE: GLW) shares fell 19.4% Tuesday after reporting Q2 revenue of $4.51 billion, up 17% year over year, and EPS of $0.64, a 19% increase. Adjusted sales reached $4.74 billion, with core EPS at $0.78, surpassing analyst expectations of $4.63 billion and $0.76, respectively.
The company upgraded its long-term growth targets, forecasting a 19% sales CAGR from Q4 2026 to Q4 2030. Corning now expects annual sales of $20 billion by 2026, $30 billion by 2028, and $40 billion by 2030, up from $15.6 billion in 2025. CEO Wendell Weeks emphasized higher returns on invested capital and increased free cash flow.
Despite the positive outlook, investors reacted negatively, driving the stock lower as market focus shifted to future projections rather than current earnings strength.