Corning’s Revenue Breakdown by Segment (2016-2023)

This statistic highlights Corning’s Revenue Breakdown by Segment, split across optical communications, display technologies, specialty materials, environmental technologies, life sciences, and other segments, reported on a quarterly basis from Q1 2016 onwards.

Corning’s Revenue breakdown by segment

(All figures in billions, except percentages)

Corning Inc’s total revenue increased from $3.007 billion in Q3 2020 to 3.639 billion in Q3 2021, marking a commendable growth of 21% on a year-on-year basis. The revenue also increased by 3.9% on a quarter-on-quarter basis, standing at $3.639 billion in Q2 2021 as compared to $3.504 billion in Q2 2021.

Optical Communications

The world’s first low-loss optical fiber was developed by Corning in 1970s. Since then, it has continue to explore optical fiber, cable and connectivity. This segment has two main product groupings, namely carrier network and enterprise network. The carrier network includes solutions and products for optical based communication infrastructure for services like voice and video communications whereas the enterprise network mainly includes optical based communication network for sale to businesses as well as individuals.

It can be seen from the table that optical communications segment has the largest share of approximately 31% in Corning’s revenue. The total revenue from this segment increased from $0.909 billion in Q3 2020 to $1.131 billion in Q3 2021, marking a growth of about 24% on a yearly basis. There was also a growth of about 5% on a quarterly basis, rising from$1.075 billion in Q2 2021.

Display Technologies

It manufactures glass substrates for flat panel displays which are used in computers, monitors, televisions and tablets using expertise in technology and a proprietary fusion manufacturing pr0cess. The highly automated, cost effective process leads to uniform, pristine surface and excellent thermal stability glass substrates.

The revenue from this segment increased from $0.827 to $0.956 billion from Q3 2020 to Q3 2021 marking a growth of 15.6% on a year-on-year basis. There was also a growth of about 2% on a quarterly basis, from Q2 2021 to Q3 2021. This segment represented 26.3% of the total revenue of the company.

Speciality Materials

This segment reaches to a wide variety of commercial and industrial markets like mobile phones and laptops. Corning introduced its toughest Gorilla glass in 2020 which had improved durability according to customer needs.

The total revenue from this segment had a decline of about 2.5% from 2020 to 2021 but it indicated an increase of about 15% from Q2 2021. This segment accounts for approximately 15% of the total revenue.

Environmental Technologies

This segment produces ceramic substrates and filter products to control emissions in mobile applications. There are increasing restrictions around emissions and Corning has continuously developed more effective products for the same. It is very important to protect this segment’s products using patents.

The overall revenue from this segment increased from $0.379 billion in Q3 2020 to $0.385 billion in Q3 2021, marking a growth of about 1.6% annually. Whereas, as compared to Q2 2021, there has been a decline in revenue of about 5.4% on a quarterly basis. This segment contributes about 11% to the total revenue.

Life Sciences

This segment includes products like plastic vessels, general labware and equipment among many others. Corning works with drug manufactures and researchers seeking to increase efficiencies, drive innovation as well as to reduce costs. Patent protection is again very important for this segment.

It represents about 8% of the total revenue. The revenue from this segment increased by about 37% on a yearly basis, from in $0.223 billion in Q3 2020 to $0.305 billion in Q3 2021. The revenue declined by 2% on a quarter-on-quarter basis, dropping from $0.312 billion in Q2 2021 to $0.305 billion in Q3 2021.

Others

This group comprises of new product lines, auto glass and some other corporate investments. This segment had a remarkable growth of 209% annually, from $0.099 billion in Q3 2020 to $0.306 billion in Q3 2021. The revenue generated grew by 6.25% from $0.288 billion in Q2 2021 to $0.306 billion in Q3 2021. It contributes about 8% to the total revenue.

About the company

Corning was first established in 1851 as a glass business. It is a leading innovator in material sciences. It possesses unparalleled expertise in ceramic and glass science as well as optical physics and has exceptional capabilities in manufacturing and engineering to develop advanced products that transform the industry. It is a versatile company adapting to the dynamic needs of the customers and industry. Today, its markets include display technology, mobile electronics among others. Its leading products include wireless technology, optical fiber, clean air technologies along with many others.

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