Corning May Trim More Jobs, Sell Assets
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Corning Inc. said that third-quarter sales fell to the low end of a company forecast and that additional job cuts and asset sales are possible by year’s end.
Corning expects revenue of $830 million to $840 million, down from $1.5 billion in the year-earlier period. Its third-quarter net loss will be 27 to 28 cents a share.
The optical fiber firm, which eliminated 12,000 positions in 2001 and planned 4,400 more cuts this year, may trim additional jobs to counter further drops in spending by phone companies.
Shares of the Corning, N.Y.-based company rose 13 cents to $1.23 on the NYSE.
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