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Technology
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Corning shaves 4Q loss
graphic January 23, 2002: 4:23 p.m. ET

Edges analysts' 4Q loss-per-share forecast despite revenue plunge.
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NEW YORK (CNN/Money) - Corning Inc. shaved its fourth-quarter operating loss to edge past analysts' forecasts for the period, despite a larger-than-expected plunge in revenue.

The company said that it lost $261 million, or 28 cents a share, excluding special items. That loss was a penny a share less than the forecast of analysts surveyed by earnings tracker First Call, and down from the $307 million, or 33 cents a share, it lost on the same basis in the year-earlier period.

Revenue plunged to $974 million from $2.1 billion a year earlier, led by a 65 percent decrease in sales to its telecommunications customers and a weak market for its optical fiber. The sales came below the First Call forecast of $997 million for the period.

Shares of Corning (GLW: Research, Estimates) lost 14 cents to close regular-hours trading at $8.42 ahead of the after-hours report. graphic




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