Latest news with #GorillaGlass-maker
Engadget
6 days ago
- Business
- Engadget
Corning avoids EU antitrust fine by ending exclusive deals with phone manufacturers
Corning, the US-based glass manufacturer behind Gorilla Glass, has vowed to end its exclusive deals and other practices that the European Commission deemed to be anti-competitive in order to avoid getting fined. If you'll recall, the commission announced that it was investigating Corning last year, accusing it of squashing competition with its exclusive supply agreements, thereby driving up prices and stifling innovation. Now, the commission has accepted the commitments Corning offered and made them legally binding under the EU's rules. When the commission announced its investigation, it said Corning required mobile phone manufacturers to source all or nearly all of their Alkali-AS glass (marketed as Gorilla Glass) needs from the company, even ganting them rebates. Under its agreement with the commission, Corning has to "waive all exclusive dealing clauses in all its current agreements" with phone manufacturers and companies that process raw glass. Corning also won't be allowed to enter exclusive deals in the future. In addition, Corning can't require manufacturers or any of their suppliers to purchase any quantity of Alkali-AS Glass from it in the European Economic Area. Worldwide, Corning can't require manufacturers and their suppliers to purchase more than 50 percent of their needs from the company. Corning's commitment will remain in force for nine years, and a trustee will monitor the company's movements to ensure its compliance. As Reuters has noted, EU fines could cost companies as much as 10 percent of their revenue, but Corning didn't have to pay anything. "The European Commission's investigation has been settled with no fine, no finding of wrongdoing by Corning, and no material impact to the company's Gorilla Glass business or the company at large," the Gorilla Glass-maker told Bloomberg in a statement.
Yahoo
29-01-2025
- Business
- Yahoo
Corning forecasts Q1 results above estimates on robust demand for AI-related infrastructure
(Reuters) - Corning on Wednesday forecasted first-quarter revenue and profit that beat Wall Street expectations, with the Gorilla Glass-maker expecting robust demand for its optical fiber products for artificial intelligence-related infrastructure. Shares of the New York-based company were up 5.6% in premarket trading. Demand for optical fiber, which is used to transfer data at high speeds, has been boosted by increased adoption of AI technologies by consumers and enterprises. The $500-billion Stargate project announced by U.S. President Donald Trump is also expected to benefit Corning as its some of its products are expected to be deployed to connect different systems, servers and network equipment. The company manufactures carrier network and enterprise network components for the telecommunications industry, as well as glass substrates for flat panel displays, which includes liquid crystal displays. Corning said it expects first-quarter revenue to be $3.60 billion, compared with analysts' expectations of $3.53 billion, data compiled by LSEG showed. On an adjusted basis, it expects first-quarter profit to be between 48 cents and 52 cents per share, with the mid-point above the average of analysts' estimates of 48 cents. For the quarter ended Dec. 31, it reported revenues of $3.87 billion, beating analysts' estimate of $3.76 billion, according to data compiled by LSEG. On a per share basis, Corning reported an adjusted profit of 57 cents for the quarter, while analysts had expected a profit of 56 cents per share. Its optical communications segment — the largest by revenue — reported $1.37 billion in revenues for the quarter ended Dec. 31. This exceeded the analysts' estimate of $1.29 billion. The display technologies segment posted revenues of $971 million for the quarter ended Dec. 31, with analysts expecting $976.7 million, according to data compiled by LSEG.
Reuters
29-01-2025
- Business
- Reuters
Corning forecasts Q1 results above estimates on robust demand for AI-related infrastructure
Jan 29 (Reuters) - Corning (GLW.N), opens new tab on Wednesday forecasted first-quarter revenue and profit that beat Wall Street expectations, with the Gorilla Glass-maker expecting robust demand for its optical fiber products for artificial intelligence-related infrastructure. Shares of the New York-based company were up 5.6% in premarket trading. Demand for optical fiber, which is used to transfer data at high speeds, has been boosted by increased adoption of AI technologies by consumers and enterprises. The $500-billion Stargate project announced by U.S. President Donald Trump is also expected to benefit Corning as its some of its products are expected to be deployed to connect different systems, servers and network equipment. The company manufactures carrier network and enterprise network components for the telecommunications industry, as well as glass substrates for flat panel displays, which includes liquid crystal displays. Corning said it expects first-quarter revenue to be $3.60 billion, compared with analysts' expectations of $3.53 billion, data compiled by LSEG showed. On an adjusted basis, it expects first-quarter profit to be between 48 cents and 52 cents per share, with the mid-point above the average of analysts' estimates of 48 cents. For the quarter ended Dec. 31, it reported revenues of $3.87 billion, beating analysts' estimate of $3.76 billion, according to data compiled by LSEG. On a per share basis, Corning reported an adjusted profit of 57 cents for the quarter, while analysts had expected a profit of 56 cents per share. Its optical communications segment — the largest by revenue — reported $1.37 billion in revenues for the quarter ended Dec. 31. This exceeded the analysts' estimate of $1.29 billion. The display technologies segment posted revenues of $971 million for the quarter ended Dec. 31, with analysts expecting $976.7 million, according to data compiled by LSEG.
