Corning (NYSE: GLW) is projected to reach a $20 billion annualized sales run rate in Q3 2023, earlier than anticipated, according to CFO Ed Schlesinger at Citi’s TMT Conference. Corning’s growth is bolstered by strong demand in optical communications and new agreements, including a multi-billion-dollar contract with Verizon to support its network expansion.
Corning’s “Springboard” growth plan aims for $30 billion in annual sales by 2028 and $40 billion by 2030. Strong market conditions in solar and optical sectors, particularly in enterprise and AI data-center demands, are expected to drive continued revenue growth into Q4 and beyond. The company expects significant opportunities in optical technologies aimed at replacing copper connections within data centers.
Additionally, Corning is investing in capacity expansion based on customer commitments and anticipates sales growth from its solar business, aiming for profitability by the end of 2027. The company’s operating margins have exceeded 20%, supported by increased capacity utilization and a focus on higher-value products.
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