Corning cuts 3,500 jobs as 4Q profit slumps
Corning is cutting 3,500 jobs as 4Q profit slumps 65 percent to $249 million
ROCHESTER, N.Y. (AP) -- Corning Inc. said Tuesday it is cutting 3,500 jobs, or 13 percent of its payroll, as demand slumps for glass used in flat-screen televisions and computers.
The specialty glass and ceramics company, the world's largest maker of liquid-crystal-display glass, announced the cutbacks as its fourth-quarter profit plunged 65 percent to $249 million, or 16 cents a share, from $717 million, or 45 cents a share, a year earlier.
Excluding one-time items, its profit of 13 cents a share came in well below Wall Street's forecast of 20 cents a share.
Sales slumped 31 percent to $1.08 billion from $1.58 billion, below $1.16 billion in sales forecast by analysts polled by Thomson Reuters.
The company also cautioned that per-share profits before one-time items will likely be canceled out in the first quarter. Sales will fall below fourth-quarter levels as projected LCD glass volumes slump 20 percent to 25 percent, it said.
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