Corning Stock Soars After Glass Maker Lifts Guidance on Generative AI Boost

Shares of Corning (GLW) soared Monday erstwhile nan specialty solid shaper boosted its guidance, citing rising request for its products utilized successful generative artificial intelligence (AI) applications.

The institution now anticipates current-quarter net per stock (EPS) astatine nan precocious extremity of aliases somewhat supra its erstwhile outlook of $0.42 to $0.46. It sees gross of astir $3.6 billion, $200 cardinal much than its earlier estimate.

Corning shares were up much than 9% early Monday, trading astatine their highest levels since early 2022.

CEO Wendell Weeks said that nan gains were “primarily driven by nan beardown take of our caller optical connectivity products for Generative AI.” The results person accrued assurance successful Corning’s “Springboard” scheme to raise annualized income by much than $3 cardinal successful nan adjacent 3 years "as cyclical factors and secular trends combine," he said.

Weeks said that nan institution believes nan first 4th will beryllium nan lowest this year, and that nan institution expects to station beardown incremental profit and cash flow arsenic it “captures this maturation management.”

The Corning, N.Y.-based patient is scheduled to study second-quarter numbers connected July 30 earlier nan markets open.

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