News Summary: Corning may make job cuts

News Summary: Corning may make 'modest' job cuts and reduce costs as economy softens

Associated Press

TRIMMING AHEAD: Glass and ceramics maker Corning Inc. said Wednesday that it will likely make some cost cuts, which may include "modest" job cuts, as it looks to support its profit in a softening economy.

THE COST: The company expects to take a charge of up to $50 million in the current quarter to cover the cuts.

QUARTELY RESULTS: Corning also reported that its third-quarter net income fell 36 percent. Revenue dipped 2 percent. Despite declines, profit and revenue still managed to top Wall Street's expectations.

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