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[qi:011] Corning, the company that makes the key component (glass) for LCD and plasma screens, today posted its fourth-quarter 2008 results, which included revenues of $1.1 billion and earnings per share of 13 cents, much lower than what Wall Street was expecting. Telecommunications segment sales — […]

[qi:011] Corning, the company that makes the key component (glass) for LCD and plasma screens, today posted its fourth-quarter 2008 results, which included revenues of $1.1 billion and earnings per share of 13 cents, much lower than what Wall Street was expecting. Telecommunications segment sales — the company makes optical fiber, amongst other things — came in at $405 million, down 18 percent sequentially. For those reasons, Corning says it will cut 3,500 jobs, or 13 percent of its work force, by the end of the year. Blame it on a 35 percent decline in LCD volumes that are likely to fall by another 20-25 percent in the first quarter of 2009. Corning sees a further decline in LCD prices — good news to anyone who has money to spend on a big-screen TV. Now’s the time to negotiate for even further discounts, for every manufacturer is trying to clean out their excess TV inventories.

By Om Malik

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  1. That’s really bad news, but at least they could enjoy their TV’s at such a discounted rate.

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  2. I am not sure if they are the ones who are going to buying the tvs. the title was tongue in cheek way of pointing out that you can’t give those things away. i was in best buy recently – a 52-inch Phillips for $799. A Sanyo for $999. I mean if you really want one, now is the time. But no one wants to part with their dollars just yet.

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  3. If Corning is still connected to Owens, they should benefit from the upcoming stimulus package. Part of the plan is to “winterize” millions of homes – and that means lots of the pink stuff.

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  4. [...] and the velocity of cuts is going to increase in 2009. With Microsoft, Ericsson, Sprint, AMD, and Corning announcing tens-of-thousands of jobs in January 2009, we would have to unfortunately agree with [...]

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  5. [...] suppliers have similarly been unable to escape the pain. As Om noted in recent posts, screen manufacturer Corning posted fourth-quarter 2008 revenues of $1.1 billion and still had to [...]

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  6. Referring to the LCD vs. Plasma. Plasma TV are much better I agree as well especially with games the sound is so wonderful. Plasma was also better with the whites.

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  7. [...] suppliers have similarly been unable to escape the pain. As Om noted in recent posts, screen manufacturer Corning posted fourth-quarter 2008 revenues of $1.1 billion and still had to [...]

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  8. [...] suppliers have similarly been unable to escape the pain. As Om noted in recent posts, screen manufacturer Corning posted fourth-quarter 2008 revenues of $1.1 billion and still had to [...]

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