YIKES ! (GLW) and tiffany warned huge on EUROPE BUCKLING as well as high end consumers cutting back ! (TIF) look I dare you !
Corning said it will reduce its glass capacity this quarter in order to stem the buildup of unwanted supply. The company expects to reduce its total capacity worldwide, both its own supply and that of Samsung Corning, by 25% by the end of this quarter.
The company also said its sales of “Gorilla Glass,” which is used in many smartphones and other mobile products, will drop 25% from last quarter, worse than the company’s original expectation for a 15% drop. The company attributed that to, “lower worldwide demand for cover glass for tablet computers.”