Corning (NYSE: GLW) Stock Up on Earnings Beat; Here's Where It's Headed Now

Corning Inc. (NYSE: GLW) stock was up more than 4% Monday morning after the company reported core earnings of $0.31 per share on revenue of $2.4 billion in the first quarter. That beat consensus estimates of $0.30 per share on revenue of $2.3 billion.

The company's earnings per share (EPS) were up 7% from the same period last year. Core revenue was up 32% from 2013's Q1.

This was the sixth consecutive quarter that Corning reported year-over-year core earnings growth.

Corning is a technology-based company that's best known for developing the display glass that's used in consumer electronic devices like tablets and smartphones. Its most well-known product is "Gorilla Glass," which has been used in more than 1 billion mobile devices worldwide.

Corning operates in five business segments, but the Display Technologies segment is the biggest revenue generator for the company. In 2013, the company reported that 37% of its revenue was generated by that segment.

With that in mind, investors were pleased to find that that Q1 revenue for its Display Technologies segment increased by 58% year over year. Corning also reported that revenue from its Optical Communications segment was up 26% from last year, and revenue from the Environmental Technologies segment increased 21%.

While strong revenue figures lifted GLW stock today, there has been a growing concern among investors that one of Corning's most well-known customers, Apple Inc. (Nasdaq: AAPL), could be leaving Gorilla Glass behind… Here's the deal.

How to Play Corning (NYSE: GLW) Stock Now

While no official statement has been released by Apple, rumors have been circulating that the company could move away from Corning's Gorilla Glass when it releases the iPhone 6 later in 2014.

Apparently, Apple has been buying large quantities of "Sapphire Glass" from GT Advanced Technologies, and the two companies have strengthened their partnership.

Unfortunately, because Apple typically keeps the details of its devices hidden until they are officially launched, Corning investors and Apple customers probably won't know for sure until the fall of 2014.

While that may initially scare investors, losing the iPhone 6 may not be as big a blow for Corning as some fear…