Corning: Q4 Outlook Misses; Sees Big Drop in Demand
So the logical appears to true: In a recession, people buy fewer big screen TVs.
That’s the obvious conclusion from Corning’s (GLW) disappointing fourth-quarter outlook.
For Q3, the company posted revenue of $1.56 billion and profits before items of 46 cents a share; the Street had expected $1.59 billion and 44 cents. The company noted that currency factors gave a lift to profits. Glass volume was up two percent sequentially and 18 percent year over year. The company’s wholly owned business fell 10 percent sequentially and two percent year over year, while the Samsung Corning venture saw volume rise 12 percent sequentially and 38 percent year over year.
