Shares of glassware maker Corning dove 18% on Tuesday after the company reported its second-quarter earnings, dragging down other optical component names in the artificial intelligence space.
Despite the company posting a beat on the top and bottom lines, revenue forecasts for the current quarter fell below Wall Street’s consensus
The company expects core revenue to grow 16%, a range of $4.9 billion to $5 billion. Factset expected $5 billion. Corning reported earnings per share before the bell on Tuesday of 78 cents versus estimates of 76 cents.
Revenue came in at $4.74 billion, also topping the Street’s estimates of $4.61 billion. The stock was on pace for its worst day since July 30, 2002, when it fell 21.59%. Shares of other optical component names like Marvell, Lumentum, AXT and Coherent were down double digits following the print.