Corning: global sales of smartphones will decrease by 12%, and tablets – by 15%

The world’s leading manufacturer of glasses for displays of mobile devices, the American corporation Corning (brands Gorilla Glass, Victus, etc.), reportedthat in the third quarter, its total revenue decreased by 4%, to $3.5 billion, and net profit – by 10%, to $438 million.

The company attributed the decline to a general decline in sales of smartphones and tablets. “As we warned investors in early September, panel makers have cut their production targets below our forecasts. This resulted in a 28% reduction in sales for our display technology division, which in turn impacted the company’s bottom line,” said Ed Schlesinger, executive vice president and chief financial officer.

In turn, the head of Corning Wendel Wicks during a conference call declaredthat at the end of the year the company expects a global decline in sales of smartphones by 12%, and tablets and laptops – by 15%. “The decline in sales in the second half of the year will go faster than in the first,” said Mr. Wicks. After the publication of financial statements, Corning shares fell 3.6%.

Earlier, the research company Gartner reported that, according to its forecasts, global sales of smartphones will decline this year by more than 7%. And one of the leading manufacturers of components for smartphones, the Japanese company Murata Manufacturing, statedthat the decline in demand for smartphones will continue in 2023. According to the company, this is primarily due to the strong decline in sales in China.

Evgeniy Khvostik