At the end of July, US Corning Inc., the world“s biggest maker of optical fibre and cable, reported that its second-quarter loss had narrowed. The company also plans to cut 400 jobs in addition to …
At the end of July, US Corning Inc., the world“s biggest maker of optical fibre and cable, reported that its second-quarter loss had narrowed. The company also plans to cut 400 jobs in addition to the 4,000 already announced. The loss narrowed to US$ 370-million, or US 39 cents a share, from US$ 4.76 billion in the year-earlier period. Sales slipped 52% to US$ 896-million from US$ 1.87 billion, the Corning, N.Y.-based company said. Corning expects to take pre-tax restructuring charges of US$125-million to US$ 150-million in the third quarter. Sales will be US$ 825-million to US$ 875-million. Excluding some items, Corning will have a loss of US 7 cents to US 10 cents a share. The company was expected to have a loss of US 7 cents, according to a survey by Thomson Financial/First Call.