Specialty glass maker Corning Inc beat profit estimates for the first quarter on Tuesday as price hikes more than made up for higher raw material costs and a demand slowdown.Shares of the company, whose Gorilla glass is used in smartphones of companies including Apple Inc and Samsung Electronics, rose 2 p
Specialty glass maker Corning Inc beat profit estimates for the first quarter on Tuesday as price hikes more than made up for higher raw material costs and a demand slowdown.
Price increases meant that"profitability improved despite sequentially lower sales, which were impacted by recession-level demand in several key markets and overall weakness in China, as anticipated," CEO and Chairman Wendell Weeks said. The company said it expects the pricing action and a recovery in the display technologies business to drive an increase in second-quarter sales and profitability.
IT research firm Gartner estimates that shipments of personal computers and mobile phones will fall for the second straight year in 2023, with phone shipments slumping to a decade low.
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