Corning Inc said its revenue fell 14 percent to $3.178 billion, while net income nosedived 70 percent to $176 million during the first quarter of 2023. Corning’s sales fell 7 percent sequentially.
Corning is targeting to achieve revenue of $3.4-$3.6 billion during the second quarter of 2023.
Corning has generated sales of $1.1 billion (–6 percent) from Optical Communications, $763 million (–20 percent) from Display Technologies, $406 million (–18 percent) from Specialty Materials, $431 million (+5 percent) from Environmental Technologies and $256 million (–17 percent) from Life Sciences and $386 million (+3 percent) from Emerging Business areas.
Corning’s Optical Communications’ sales decreased 6 percent sequentially as pricing actions partially offset a greater-than-normal seasonal volume decline associated with the pacing of customer projects. The drop reflected a greater-than-normal seasonal volume decline associated with the pacing of customer projects.
Corning’s Display Technologies’ sales declined 3 percent sequentially as both volume and glass price declined slightly. Volume increased significantly in March as conditions in China improved and panel maker utilization resumed its recovery.
Corning’s Environmental Technologies’ sales increased 9 percent sequentially. Increased gasoline particulate filter adoption helped drive the sequential improvement.
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.