Corning CEO Seeks Cover Materials for ‘Truly’ Foldable Smartphones; Stock Up After Q2 Results
Corning is working to develop cover materials for smartphone displays that will be “truly” foldable, said CEO Wendell Weeks on a Wednesday earnings call. Though foldable smartphones are an idea “hyped for a number of years,” the technical challenges remain…
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daunting, said Weeks. "Could we basically make something small, but then you can fold it out and it would become something big?” he said. There’s “real interest” among smartphone OEMs in fashioning a device that fits that, Weeks said. Chief Financial Officer Tony Tripeny expects no “material impact” from the Trump administration’s “enacted or contemplated tariffs.” TVs aren't now proposed for tariffs against Chinese imports, and Corning has a “philosophy to manufacture products in the same region as our customer,” he said. The sixth-generation Gorilla Glass cover glass introduced last week is getting “very strong interest” from smartphone makers, said Weeks. After the company reported Q2 sales rose about 10 percent from the year-ago period to $2.7 billion and it raised its full-year forecast, the stock closed up 11 percent to $33.21.