Corning Secures $6 Billion Deal with Meta, Boosting Optical Fiber Growth
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 28 2024
0mins
Should l Buy GLW?
Source: Investing.com
Corning Inc's stock rose by 3.00% and reached a 52-week high amid strong demand for its optical fiber products.
The company's growth is significantly driven by a multi-year order worth $6 billion from Meta, which is expected to enhance Corning's enterprise optical communications business as AI developers seek efficient data transmission solutions. Additionally, Corning's optical communications segment reported a remarkable 35% growth, contributing $6.2 billion to its core revenue of $16.4 billion in 2025, reflecting robust performance and profitability in the fiber market.
This deal not only solidifies Corning's leadership in the optical fiber sector but also positions the company for further growth opportunities, especially as it explores additional agreements similar to the one with Meta.
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Analyst Views on GLW
Wall Street analysts forecast GLW stock price to fall
10 Analyst Rating
8 Buy
2 Hold
0 Sell
Strong Buy
Current: 132.010
Low
83.00
Averages
99.00
High
110.00
Current: 132.010
Low
83.00
Averages
99.00
High
110.00
About GLW
Corning Incorporated operates as an innovator in materials science. Its segments include Optical Communications, Display Technologies, Specialty Materials, Environmental Technologies, and Life Sciences. Its Optical Communications segment manufactures carrier network and enterprise network components for the telecommunications industry. Its Display Technologies segment manufactures glass substrates for flat-panel displays, including liquid crystal displays and organic light-emitting diodes. Its Specialty Materials segment manufactures products that provide material formulations for glass, glass ceramics and fluoride crystals for customer needs. Its Environmental Technologies segment manufactures ceramic substrates and filters for emission control systems in mobile applications. Its Life Sciences segment develops, manufactures and supplies laboratory products, including labware, equipment, media, serum and reagents, enabling workflow solutions for drug discovery and bioproduction.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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