{"id":155002,"date":"2023-04-25T08:00:00","date_gmt":"2023-04-25T00:00:00","guid":{"rendered":"https:\/\/www.mediaintel.asia\/?p=917279"},"modified":"2023-04-25T08:00:00","modified_gmt":"2023-04-25T00:00:00","slug":"apple-supplier-corning-rides-on-price-hikes-to-beat-profit-estimates","status":"publish","type":"post","link":"https:\/\/www.chinalegalblog.com\/en\/2023\/04\/25\/apple-supplier-corning-rides-on-price-hikes-to-beat-profit-estimates\/","title":{"rendered":"Apple supplier Corning rides on price hikes to beat profit estimates"},"content":{"rendered":"<div align=\"center\"><a href=\"https:\/\/www.mediaintel.asia\/\" title=\"MediaIntel.Asia provides Media Intelligence and Media Monitoring in Asia\" ><img src=\"https:\/\/www.mediaintel.asia\/wp-content\/uploads\/mediaintelasia-logo-blackyellow-400x300-1.png\" border=\"0\" width=\"200\" height=\"150\" alt=\"MediaIntel.Asia\"><\/a><\/div>\n<p>April 25 (Reuters) - Specialty glass maker Corning Inc (GLW.N) beat profit estimates for the first quarter on Tuesday as price hikes more than made up for higher raw material costs and a demand slowdown.<br \/>\nShares of the company, whose Gorilla glass is used in smartphones of companies including Apple Inc (AAPL.O) and Samsung Electronics (005930.KS), rose 2% in premarket trading.<br \/>\nPrice increases meant that \"profitability improved despite sequentially lower sales, which were impacted by recession-level demand in several key markets and overall weakness in China, as anticipated,\" CEO and Chairman Wendell Weeks said.<br \/>\nCore gross margin increased by 160 basis points sequentially to 35.2% in the first three months of the year, helping Corning post an adjusted profit of 41 cents per share that was more than expectations of 39 cents, according to Refinitiv data.<br \/>\nThe 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.<br \/>\nCorning has seen demand slide from its consumer electronics customers in recent months as an uncertain economic outlook prompts consumers to cut back on non-essential spending.<br \/>\nIT 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.<br \/>\nCorning's core sales fell 10% to $3.37 billion in the first quarter, but they were better than estimates of $3.34 billion.<br \/>\nRevenue from its optical communications division fell 6% during the quarter, while sales in specialty materials business, which makes Gorilla glass, declined 18%.<br \/>\nCorning said it expects net sales between $3.4 billion and $3.6 billion for the second quarter, compared with analysts' estimate of $3.58 billion.<br \/>\nReporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra Eluri and Shounak Dasgupta<br \/>\nOur Standards: The Thomson Reuters Trust Principles.<\/p>\n<p>This data comes from <a href=\"https:\/\/www.mediaintel.asia\/\" title=\"MediaIntel.Asia provides Media Intelligence and Media Monitoring in Asia\" >MediaIntel.Asia's Media Intelligence and Media Monitoring Platform<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>April 25 (Reuters) &#8211; Specialty glass maker Corning Inc (GLW.N) beat profit estimates for the first quarter on Tuesday as price hikes more than made up for higher raw material costs and a demand slowdown.<br \/>\nShares of the company, whose Gorilla glass is u&#8230;<\/p>\n","protected":false},"author":253,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[126,144,586,30,194,759],"tags":[3312,10315,7327,2189],"class_list":["post-155002","post","type-post","status-publish","format-standard","hentry","category-apple","category-china","category-economy","category-mobile","category-news-chinese-law","category-samsung","tag-electronics","tag-media-intelligence","tag-revenue","tag-supplier"],"_links":{"self":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/155002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/users\/253"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/comments?post=155002"}],"version-history":[{"count":1,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/155002\/revisions"}],"predecessor-version":[{"id":155005,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/155002\/revisions\/155005"}],"wp:attachment":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/media?parent=155002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/categories?post=155002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/tags?post=155002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}