New York • Corning Inc.'s profit missed analysts' estimates as demand for Gorilla Glass, the hard cover glass used for smartphones and tablets, was weaker than the company expected. The shares fell the most in six months.
Second-quarter earnings, excluding some items, of 37 cents a share fell short of the 38 cents that analysts had estimated on average, according to data compiled by Bloomberg. Core net sales rose 28 percent to $2.58 billion, the Corning, New York- based company said today in a statement. Analysts had estimated $2.53 billion.
Corning said weaker than expected demand for Gorilla Glass for tablets hurt sales in the quarter. The company lowered its forecast for cover glass shipments, which are now projected to rise 20 percent for the year, down from a prior projection of more than 24 percent growth.