Another reason to throw your iPhone?
$GLW plummeted this morning after a pre-bell earnings announcement. Corning, the maker of the Gorilla Glass used in many smartphones and the $AAPL’s iPhone, reported $0.29 EPS on $2 Billion in sales, beating consensus estimates on both counts, according to Estimize.com.
Jan. 28 at 8:36 AM
Corning Jan. 28 at 8:34 AM $GLW CFO Jim Flaws: Our 4th quarter results were solid–better than expected http://stks.co/pvJK
But those beats could not overcome the company’s promise of future margin decline.
In the guidance provided on its earnings release the company wrote that it “expects LCD glass price declines to be higher than in previous quarters.” However, it said that it anticipated retail demand to increase a “mid-to-high single digit percentage.”
The promised sales growth had some investors arguing that the sell-off was too steep.
Jan. 28 at 9:09 AM
Some StockTwits investors attributed the reaction to people buying too much before earnings.
chrisLsd Jan. 28 at 10:03 AM $GLW about what I expected after a decent run-up.
The stock nearly hit $19 per share last week but has taken a beating as smart phone makers and other tech companies have reported disappointing results.
~ Catherine Holahan (@cholahan)
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