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This page contains all of the posts and discussion on MemeStreams referencing the following web page: Corning Posts Loss on Weak Telecom Demand. You can find discussions on MemeStreams as you surf the web, even if you aren't a MemeStreams member, using the Threads Bookmarklet.

Corning Posts Loss on Weak Telecom Demand
by Jeremy at 6:52 am EDT, Jul 24, 2002

Corning, the world's largest maker of fiber-optic cable, posted a quarterly net loss of $370 million due to weak spending in the telecommunications sector (half of Corning's revenue), and said more cuts in its work force or facilities may be necessary.

"At first blush, it certainly doesn't look pretty. The company continues to lose money and the actual performance [as opposed to what?] in their core telecom business remains very weak."

[Sales will continue to slip, more cuts necessary, noncore assets must be sold. Profitability to be achieved in 2003 at any cost.]

So far this year, Corning's shares have fallen 64%.


 
 
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