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SaltWire's Atlantic regional weather forecast for October 24, 2023 | SaltWire - Corning forecast fourth-quarter core sales below market expectations on Tuesday, as the specialty glass maker grapples with slowing demand for its optical fibre cables from the telecom sector.
The company expects core sales of about $3.25 billion in the three months through December, compared with analysts' estimate of $3.56 billion, according to LSEG data. The optical communications unit, one of Corning's main revenue generators, saw its net sales decline by more than 30%.But revenue from the specialty materials business, which includes the widely used Gorilla Glass, rose about 8% thanks to the launch of Apple's new iPhone 15 lineup.
The company forecast fourth-quarter core earnings of between 37 cents and 42 cents per share, below estimates of 50 cents per share.
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