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Apple supplier Corning expects Q1 sales to exceed previous target

MacDailyNews

Mar 19

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The glass for every generation of iPhone has been made at Corning’s plant in Harrodsburg, Kentucky.

Apple supplier Corning has provided strong first-quarter guidance and given long-term financial targets a boost as it makes progress on its so-called “Springboard” plan to add billions of dollars in sales in the coming years.

Dean Seal for The Wall Street Journal:
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The maker of specialty glass for TV screens and smartphones said Tuesday that it now expects core sales to exceed its previous $3.6 billion target for the first quarter, and for earnings to come in toward the high-end of outlook for 48 cents to 52 cents a share.
Corning also said it now expects its Springboard plan, introduced a year ago, to add more than $4 billion in annualized sales by the end of 2026 instead of $3 billion.
“Overall, we’re making great progress on Springboard across the company,” Chief Executive Wendell Weeks said. “Our strategies are working, and our customers are loving our innovations.”
Corning has also raised the sales outlook for its optical communications enterprise business, citing strong adoption of new generative AI products that are used inside data centers.

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MacDailyNews Take: Steve Jobs’s persuasive powers played a crucial role in convincing Corning to develop the ultra-thin, scratch-resistant glass used in the iPhone. Jobs presented a compelling vision of the future of mobile devices, emphasizing the need for a durable and visually stunning display. He convinced Corning to invest in research and development to create a glass that could meet Apple’s stringent requirements. This collaboration led to the development of Gorilla Glass, a revolutionary material that has become synonymous with high-quality smartphone displays.

When Jobs was designing the iPhone, he decided that he wanted its face to be a tough, scratchproof glass, rather than plastic. He met with Corning CEO Wendell Weeks who told him that Corning had developed a chemical exchange process in the 1960s that led to what it dubbed “Gorilla glass.” Jobs replied that he wanted a major shipment of Gorilla glass in six months. Weeks said that Corning was not making the glass and didn’t have that capacity. “Don’t be afraid,” Jobs told Weeks who then tried to explain that confidence would not overcome engineering challenges, but Jobs replied simply, “Yes, you can do it. Get your mind around it. You can do it.” And Corning did it.

Gorilla Glass’s ninth generation, branded as Gorilla Armor, was introduced in January 2024.

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[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]

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