By Josh Beckerman

Corning Inc. (GLW) is reducing third-quarter guidance for its Display Technologies and Optical Communications, while maintaining expectations for its other three segments.

Shares were down 6.8% after hours to $28.

Within the Display Technologies segment, several panel manufacturing customers have reduced utilization below anticipated levels.

In the Optical Communications segment, several major carriers are cutting capital spending on cable deployments and fiber-to-the-home projects, the company said.

Corning said it is "taking actions to lower cost to align with revised sales expectations. These actions include capacity adjustments in Display and Optical Communications, reductions in operating expenses, and pacing of capital projects."

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

September 16, 2019 18:40 ET (22:40 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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