Corning Warns of Modest Job Cuts

Corning announced Wednesday it will likely cut costs, which may include what they call "modest" job cuts, to support profit in a weakening economy.

It's the latest manufacturer to warn that the slowing global growth is hurting its business. Weaker global growth hurt Corning's telecommunications and environmental technologies divisions, but the company said sales of its super-strong Gorilla glass, used in tablets, TVs and other devices, were much better than expected.

        

The glass and ceramics maker's third-quarter net income dropped 36 percent to 521 million dollars, or 35 cents per share, from 811 million dollars, or 51 cents per share, a year ago. Revenue fell 2 percent in the July-September quarter. Despite declines, profit and revenue still topped Wall Street expectations.

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