Corning Q1 net loss of $589 million due to weak market demand for LCD glass

Corning (GLW.N) announced on Tuesday that it recorded a loss in the first quarter due to increased investment and weak market demand for liquid crystal display (LCD) glass used in TVs and desktop computers.

The company's net loss in the first quarter was US$589 million, or a loss of US$0.72 per share, compared with a profit of US$86 million and a profit of US$0.07 per share in the same period last year.

Net revenue in the first quarter rose from US$2.38 billion to US$2.5 billion.