Economy
4:58 pm
Wed October 24, 2012

Corning may make job cuts as part of cost cuts

Corning says that it will likely cut costs, which may include "modest" job cuts, to support profit in a weak economy. WAMC’s Dave Lucas reports.

The glass and ceramics maker's stock dropped 5 percent in premarket trading Wednesday.

It's the latest manufacturer to warn that the slowing global economy is hurting its business.

The Corning, N.Y., company says its third-quarter net income dropped 36 percent to $521 million, or 35 cents per share. Revenue is down 2 percent to $2.04 billion in the July-September quarter. Results still topped Wall Street expectations.

Weaker global growth hurt Corning's telecommunications and environmental technologies divisions, but the company says sales of its Gorilla glass, used in tablets, TVs and other devices, were much better than expected.

Copyright 2012 The Associated Press.