[CITIC Securities Forward Look] Corning 26Q2 Results Quick Review: Gross Margin Missed Buy-side Expectations

English summary

[Results Overview] 1) Quarterly GAAP revenue of $4.505B (+17% YoY, +9% QoQ). Quarterly Non-GAAP revenue of $4.738B (+17% YoY, +9% QoQ), above the company's prior guidance of $4.6B and above Bloomberg consensus of $4.645B. 2) Quarterly GAAP gross margin of 36.14% (+0.09ppts YoY, -0.73ppts QoQ). Quarterly Non-GAAP gross margin of 39.62% (+1.25ppts YoY, +0.13ppts QoQ), above Bloomberg consensus of 38.54%. 3) Quarterly GAAP net income of $559M (+19% YoY, +51% QoQ). Quarterly Non-GAAP net income of $680M (+30% YoY, +11% QoQ), above Bloomberg consensus of $661M. ...