Smartphone screen maker Corning beats revenue, profit estimates

(Reuters) – Apple supplier Corning Inc bucked the trend for shaky phone and chipmaker results on Tuesday, beating expectations for both revenue and profit in the fourth quarter, helped by demand from telecom companies looking to upgrade their networks to 5G.

The company, which makes screen glasses and optical fiber products, reported net income of $292 million, or 32 cents per share, for the fourth quarter, compared with a loss of $1.41 billion, or $1.66 per share, a year earlier.

Net sales rose to $3.04 billion from $2.64 billion.

Excluding items, the company earned 59 cents per share.

Analysts on average had expected a profit of 57 cents per share on revenue of $3.01 billion.

Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel

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