“Corning shattered its recent winning streak on the stock market after posting second-quarter earnings early Tuesday that missed Wall Street estimates,” Patrick Seitz reports for Investor’s Business Daily. “The maker of specialty glass was hurt by lower demand for its Gorilla Glass, which is used in smartphones from Apple and Samsung.”
“The Corning, N.Y.-based company earned 37 cents a share excluding items in the June quarter, up 16% from Q2 2013, but that missed analyst estimates by a penny. Sales rose 28% to $2.58 billion, vs. expectations for $2.53 billion. Corning stock was down nearly 10% in midday trading on the stock market today, near 20, a four-month low,” Seitz reports. “Sales of Gorilla Glass, a damage-resistant cover glass for smartphones and tablets, were less than anticipated, due to lower retail demand for smartphones and high-end tablets, and lower-than-expected sales for planned new models. Its sales were flat, at $298 million.”
“Samsung, a major Corning customer, reported weak mobile phone sales in the second quarter as market growth slowed,” Seitz reports. “Meanwhile, Apple reportedly is planning to switch from Gorilla Glass to sapphire displays from GT Advanced Technologies for its upcoming iPhone 6.”
Read more in the full article here.
MacDailyNews Take: Enjoying your “strategic partnership” with Samsung, Corning?
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Apple is going to give Corning the BlackBerry treatment – July 14, 2014
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Apple invents a new ion implant methodology to embed their logo into next-gen sapphire cover glass – July 10, 2014
In new video, purported ‘iPhone 6′ sapphire display undergoes extreme torture test – July 8, 2014
Gorilla Glass-maker Corning again slams sapphire; subtext aimed at Apple – March 5, 2014
Why did Apple just snap up the entire planet’s supply of sapphire glass? – February 20, 2014
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Mesa, Arizona mayor woos Apple; new sapphire facility capable of producing 2X current worldwide capacity – February 10, 2014
Apple just procured enough Sapphire Crystal furnaces to make 100-200 million 5-inch iPhone displays – February 6, 2014
Apple makes at least 100 prototype next-generation iPhone units with sapphire-covered displays – January 24, 2014
Apple patent application details uses for synthetic sapphire glass – January 23, 2014
Apple patent application reveals sapphire flexible transparent display devices created with Liquidmetal – December 19, 2013
iPhone 6 rumors: Curved display, Liquidmetal, sapphire glass, and more – December 11, 2013
Apple spends over half a billion dollars on rumored iPhone 6 sapphire glass feature – November 29, 2013
Apple strikes sapphire supply deal with GT Advanced – November 4, 2013
Gorilla glass maker Corning enters into strategic partnership with Samsung Display – October 23, 2013
Steve Jobs, steel balls and Corning’s Gorilla Glass (with video) – January 11, 2013
* wipes away tear *
* wipes away tear *
Absolutely priceless. Really needed that laugh.
Thank you.
I like MDN’s take 🙂
Has a smartphone (or any product for that matter) ever had such a wide and glaring pre-release effect on the world as the iPhone 6? I mean Steve had to at least show the first iPhone on stage before the earthquake started.
Lie down with dogs, get up with fleas.
Corning ought to put a real priority on locating the exec who set up the deal with samsung and fire him. Confiscate any outstanding bonuses and share entitlements too. And then sack any remaining IT doofuses and replace them with recent college grads that have yet to be zombified by microsoft. These are typical actions of a brave CEO rather than a clueless wuss.
Oh please. Apple was the one who got Corning to spend years and tons of R&D money to develop Gorilla Glass in the first place and then ditched them. Their going with Samsung allowed them to recoup t heir investment and make big profits for a long time. They are still making money off Samsung, just not as much. Meanwhile, Apple would have left them out of a ton of cash and with no foothold in the smartphone business (as Samsung’s competitors mostly use gorilla glass too).
Seriously, you folks are nuts. You won’t even admit that Apple hung Corning out to dry, and you pretend as if not making any money at all is somehow superior to making billions by supplying Apple’s competitors.
If Apple and Apple suppliers were the only companies on the planet, what a wonderful world it would be. Right?
If Apple and Apple suppliers were the only companies in the world, the world would be a better place, right? Right! Apple seems to be the only company to do anything right these days. In fact, our country would be much better if you replaced Congress with Apple Board of Directors!
Technology moves on. Get over it, and yourself.