Corning shares plunge 20% to $114.50 after Q3 forecast miss
Corning's stock just dropped 20% in a single day, falling to as much as $114.50.
The reason? Their latest sales forecast for Q3 fell short of what analysts were hoping for, predicting $4.9 billion to $5 billion in core sales.
That miss erased over $23 billion from its market value almost instantly.
Corning beats Q2, outlook unnerves investors
Even though Corning beat expectations for Q2 earnings and revenue, its outlook made investors uneasy.
Growth in its optical communications segment slowed a bit, from 36% last quarter to 32% this time, which raised concerns about how much big wireless companies will keep spending.
After a huge run-up driven by AI demand (up 176% over the past year), the stock had already started cooling off lately, and now investors are questioning where growth goes from here.