Corning net income drops 13%, shares fall

Corning Inc.

on Tuesday reported a 13% drop in net income to $371 million, or 43 cents a share, from $427 million, or 48 cents a share, in the year-ago quarter. Adjusted profit rose to 56 cents a share from 43 cents a share. Revenue increased to $3.615 billion from $3.001 billion. Analysts expected Corning to earn 58 cents a share on revenue of $3.632 billion, according to a FactSet survey. Corning said it expects 2021 earnings of at least $2 a share on revenue of $14 billion or more. Analysts expect earnings of $2.13 a share on $14.02 billion in revenue for the company. Shares of Corning dropped 3.4% in pre-market trades. The stock is up 7.3% this year, lagging the 21.6% increase by the S&P 500.

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