Corning tumbles 12% after earnings, leading rout in optical stocks

Shares of glassware maker Corning dove 12% on Tuesday after the company reported its second-quarter earnings, dragging down other optical component names in the artificial intelligence space.

Despite the company posting a beat on the top and bottom lines, revenue forecasts for the current quarter fell below Wall Street's consensus. The company expects core revenue to grow 16%, a range of $4.9 billion to $5 billion. Factset expected $5 billion.

Corning reported earnings per share before the bell on Tuesday of 78 cents versus estimates of 76 cents. Revenue came in at $4.74 billion, also topping the Street's estimates of $4.61 billion.

Shares of other optical component names like Marvell , Lumentum , AXT and Coherent also saw losses on Tuesday, with AXT and Coherent each losing 10%.