by Smartphones have become a necessities, and their sales are partly a reflection of the global economy. Corning, the maker of tempered glass that supplies Apple and many mobile phone brands, warned yesterday when it released its results for the previous quarter, expecting a lower-than-expected performance this quarter. The reason has to do with lower-than-expected sales of smartphone glass.
Corning revealed that sales of smartphone glass fell by 14% year-on-year, while glass sales of tablets and laptops fell by 17% year-on-year. CEO Wendell Weeks believes that the situation will not improve before the end of 2022. He expects smartphone-related business to fall 12% this year, while demand for tablets and laptops will drop 15%. The year-on-year decline in demand for these products will be higher in the second half of the year than in the first half. Corning’s third-quarter revenue of $3.49 billion missed expectations of $3.66 billion, and fourth-quarter core sales of $3.55 billion were expected, lower than analysts’ previous forecast of $3.75 billion.
Although Corning is Apple’s main glass supplier, their performance may not directly reflect Apple’s sales. Analysts from multiple investment institutions believe that sales of high-end mobile phones such as iPhone 14 Pro and iPhone 14 Pro Max are satisfactory.
Data and picture sources:appleinsider
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