Specialty glass maker Corning forecast third-quarter core sales below Wall Street estimates on Tuesday, as it grapples with the ongoing slump in the consumer electronics market.
The company has seen a drop in demand from its consumer electronics clients as smartphone makers try to clear a build-up of inventory caused by high inflation and rising interest rates.
"We expect to continue improving profitability and cash flow despite our relatively muted sales environment," said CEO Wendell Weeks. Revenue from the optical communications unit - Corning's biggest - fell 19% from a year earlier, hit by weak demand for its optical fiber cables used in telecommunications business.
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