Corning Inc (NYSE:GLW) stock fell 1.99% (As on April 29, 11:38:03 AM UTC-4, Source: Google Finance) after the company forecast second-quarter revenue below Wall Street estimates, as weakness in non-optical segments continues to pressure ​business despite strong demand for data center products. Slower replacement cycles for electronics and cautious consumer spending amid persistent economic uncertainty have pressured Corning’s business, offsetting gains ​in its optical communications segment. Corning, a key supplier to Apple​ has been hurt by softer global smartphone demand, which has weighed ​on volumes for its specialty glass products, particularly in display technologies. Corning plans to upgrade and extend its Springboard plan through 2030 and introduce a new Market-Access Platform at the company’s May 6 NYC investor event. Optical Communications’ new Photonics Market-Access Platform will serve Gen AI OEM customers.

Moreover, net sales in the innovations ⁠segment, which includes display and specialty materials, rose 1% to $1.42 billion in the first quarter ended March 31. Corning also continues to benefit from increased investment in data centers, which is boosting demand for its fiber‑optic products. Its ​optical communications division, ​which includes fiber-optic ⁠cables, hardware and connectors, recorded net sales of $1.85 billion in the first quarter, beating estimates of $1.7 billion. Corning also ​said it has signed long-term agreements with two hyperscalers. ​Like the $6 ⁠billion Meta deal it announced in January, the partnerships are aimed at meeting the connectivity demands of high-capacity data centers.

GLW in the first quarter of FY 26 has reported the adjusted earnings per share of $0.70, beating the analysts’ estimates for the adjusted earnings per share of $0.69. The company had reported the adjusted revenue growth of 18 percent to $4.35 billion in the first quarter of FY 26, beating the analysts’ estimates for revenue of $4.26 billion. Robust demand for Gen AI products and the ramp of new solar products drove Q1 growth. Optical Communications sales grew 36%, and Solar sales were up 80% year over year.

For the second quarter ​ending June 30, the company expects core sales of about $4.6 billion, below analysts’ average estimate of $4.63 billion, according to data compiled by LSEG. The core EPS is expected to be about 25% year over year to a range of $0.73-$0.77. Second-quarter guidance includes an extended maintenance shutdown at Corning’s solar wafer facility, including the transition to a permanent power system while the company repairs, upgrades, and modifies production equipment to increase throughput in future quarters. This will cause an additional $30 million of expense in Q2 versus Q1 and is included in guidance.