Analysis of Revenues
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Revenues as Reported
Corning Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- Overall Revenue Trend
- The total revenue demonstrates a fluctuation over the five-year period. After a slight decline from 11,503 million US$ in 2019 to 11,303 million US$ in 2020, revenue saw a significant increase, reaching a peak of 14,189 million US$ in 2022, followed by a decrease to 12,588 million US$ in 2023. This pattern suggests variability influenced by changes in individual product segments.
- Telecommunication Products
- This segment experienced a decline from 4,064 million US$ in 2019 to 3,563 million US$ in 2020, then rebounded with growth peaking at 5,023 million US$ in 2022. However, this was followed by a notable drop to 4,012 million US$ in 2023. The volatility indicates sensitivity to market or demand shifts within the telecommunications sector.
- Display Products
- The display products category exhibited a downward trend overall. Starting at 3,180 million US$ in 2019, the segment slightly decreased to 3,077 million US$ in 2020, increased to 3,666 million US$ in 2021, but then declined continuously in the subsequent years to 2,694 million US$ by 2023. This suggests possible challenges in this market area or a decrease in demand.
- Specialty Glass Products
- This segment showed moderate growth initially, rising from 1,594 million US$ in 2019 to 2,008 million US$ in 2021, then stabilizing around 1,996 million US$ in 2022 before a slight decrease to 1,854 million US$ in 2023. The trend indicates a relatively stable but slightly declining demand after peaking.
- Environmental Substrate and Filter Products
- Revenue in this category slightly declined from 1,440 million US$ in 2019 to 1,333 million US$ in 2020, increased steadily to 1,584 million US$ in 2021, dipped to 1,492 million US$ in 2022, and then rose significantly to 1,660 million US$ in 2023. The consistent recovery toward the end may reflect growing demand or improved market conditions.
- Life Science Products
- The life science segment experienced a minor decline from 995 million US$ in 2019 to 981 million US$ in 2020, increased to 1,232 million US$ in 2021, then decreased steadily to 922 million US$ by 2023. This suggests a strong recovery in 2021 followed by weakening sales over the next two years.
- Polycrystalline Silicon Products
- This category was not reported in 2019 but showed rapid growth, starting from 194 million US$ in 2020 and surging to 892 million US$ in 2021, peaking at 1,191 million US$ in 2022 before declining to 1,014 million US$ in 2023. The growth indicates expanding operations or market penetration, with a slight contraction in the most recent year.
- All Other Products
- This segment displayed a steady upward trend, moving from 230 million US$ in 2019 to 471 million US$ in 2022, followed by a slight decrease to 432 million US$ in 2023. The consistent growth over the first four years highlights diversification or gains in niche areas.