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This statistic highlights Corning’s Revenue by Region, split across Canada, China, Germany, Japan, Korea, Other Asia Pacific, Other Europe, Taiwan, United States, Mexico, and others, reported on an annual basis from 2018 onwards.
The majority of Corning’s revenue comes from the delivery of products to customers, which is measured at a certain point in time, based on when the client takes control of the products. Once, all performance obligations under the terms of a contract have been met, and control of the product has been transferred to the client, revenue is recognized. Corning also has contractual relationships with some clients that allow revenue to be recognized over time.
There is a gradual rise in the total revenue from 2018 to 2019, but there has been a decline in total revenue in 2020. The revenue increased from $11,398 million in 2018 to $11,656 million in 2019, making an increment of 2.26%. Further, the revenue decreased, from $11,656 million in 2019 to $11,452 million in 2020, falling by 1.75%.
Corning’s revenue can be further bifurcated into the following regions:
|Revenue by Region||2018||2019||2020||Contribution in 2020|
|Other Asia Pacific||$436||$401||$340||2.97%|
(All figures are in millions, except percentages)
Being the largest contributor to revenue, China generated $3,734 million in 2020, contributing 32.61% to the total revenue. The revenue generated by this region is increasing at an increasing rate. It witnessed a 20.6% increase as compared to 2019, where the revenue generated was $3,096 million.
Despite being the second-largest contributor of revenue for Corning, revenue from the region has declined from $3,760 million in 2019 to $3,412 million in 2020. The contribution to revenue also fell from 32.23% in 2019 to 29.97% in 2020.
The revenue generated from Taiwan fell from $921 million in 2018 to $880 million in 2019. However, it increased to $887 million in 2020. The contribution in revenue each year, also followed a similar trend, from being 8.08% in 2018 to 7.55% in 2019 and 7.75% in 2020.
The revenue generated from Korea has seen a massive decline over the years from $1,259 million in 2018 to $748 million in 2020. The percentage decrease from 2019 to 2020 was a massive 28.82%. The contribution also fell from 9.02% in 2019 to 6.53% in 2020.
The revenue generated from this region has increased from $415 million in 2018 to $441 million in 2019 to $505 million in 2020. The contribution to revenue from this region has also increased from 3.64% in 2018 to 4.41% in 2020.
Revenue generated from this region has seen a constant downfall over the years, from $435 million in 2019 to $378 million in 2020. The contribution to revenue mix is also on a decline from 3.73% in 2019 to 3.30% in 2020.
The revenue generated from this region is declining each year. This region generated $274 million in 2020, which is a 1% decline as compared to 2019, wherein the revenue generated was $277 million. However, the contribution to the revenue mix has increased slightly from 2.38% to 2.39% of the total revenue.
The revenue generated from Mexico is constantly increasing over the years, from $53 million in 2018 to $55 million in 2019 and $75 million in 2020.
Just like Korea and Other Asia Pacific, Other Europe too, has seen a downward movement in revenue generated. The contribution in revenue fell from 7.60% in 2019 to 7.32% in 2020.
Other Asia Pacific
This region has also seen a downward trend in revenue over the years, from $436 million in 2018 to $401 million in 2019 to $340 million in 2020. The contribution also fell from 3.44% in 2019 to 2.97% in 2020.
The revenue generated from this region is decreasing each year, from $377 million in 2018 to $374 million in 2019 and $261 million in 2020. The contribution also fell from 3.31% in 2018 to 3.21% in 2019 and 2.28% in 2020.
Corning traces its roots back to a glass company founded in 1851. This corporation was formed In December 1936, in the state of New York. On April 28, 1989, the name of the company was changed from Corning Glass Works to Corning Incorporated. It makes high-performance glass for Notebook computers, Flat-panel desktop monitors, Display televisions, other information display applications, Carrier network, Ceramic substrates for gasoline and diesel engines in the automotive and heavy-duty vehicle markets, Laboratory products for the scientific community, and Specialized polymer products for biotechnology applications, and laboratory products for the scientific community. The common stock of Corning is publicly traded on the NYSE under the ticker “GLW”.
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