Corning, the company that gave life to the Gorilla Glass technology and brought it to our smartphones, has reported its 2017 Q4 and full-year financial results, indicating net loss.
On a yearly basis the company indicates an increase in income, from $9.39 billion in 2016 to $10.11 billion in 2017. Despite that, Corning still finds itself at a net loss of $497 million - way worse than 2016, when the company had a net profit of $3,695 billion. The financial deficit can be easily explained with the fact that the company has recently invested in 23 projects, including the construction of 11 plants, that are expected to affect profit in the first half of 2018 as well. On the other hand, the company had a quite good Q4 2017, with revenue estimated to be $2,637 billion - stronger than both Q3 2017 ($2,607 billion) and Q4 2016 ($2,476 billion).
Corning's fourth quarter and full-year financial results. Numbers given are in millions, except the earning per-share amounts
Out of its five business departments, the ones that had the biggest income for the year were Display Technologies and Optical Communications ($928 and $745 million respectively), while the Life Sciences brought in the least amount of income to the company ($225 million).
Another thing to mention is the huge financial increase in the Specialty Materials department, which includes Gorilla Glass products - staggering 25% in Q4 2017 compared to Q3. Big impact on this has the adoption of glass backs on many devices, according to the company.
Specialty Materials department's financial report
With all that being said, the company enjoys what it achieved throughout the year, as said in a press statement by Corning's CEO, president and chairman - Wendell P. Weeks. "Strong growth and strong investment made 2017 an outstanding year," he said and added "We exited the year running at full capacity in several of our businesses and with committed customer demand that supports our current capacity-expansion initiatives. We expect to see the benefits of these initiatives in the second half of 2018 and beyond as production ramps".
According to Corning, it expects an even better 2018 due to continuation of Specialty Materials' sales growth and reduction in yearly financial declines.
Follow us on social media to catch the latest trending stories, watch exclusive videos, and join the conversation with our vibrant community!
Thank you for sharing your feedback with us!
Recommended Stories
Loading Comments...
COMMENT
All comments need to comply with our
Community Guidelines
Phonearena comments rules
A discussion is a place, where people can voice their opinion, no matter if it
is positive, neutral or negative. However, when posting, one must stay true to the topic, and not just share some
random thoughts, which are not directly related to the matter.
Things that are NOT allowed:
Off-topic talk - you must stick to the subject of discussion
Offensive, hate speech - if you want to say something, say it politely
Spam/Advertisements - these posts are deleted
Multiple accounts - one person can have only one account
Impersonations and offensive nicknames - these accounts get banned
Moderation is done by humans. We try to be as objective as possible and moderate with zero bias. If you think a
post should be moderated - please, report it.
Have a question about the rules or why you have been moderated/limited/banned? Please,
contact us.
FCC OKs Cingular\'s purchase of AT&T Wireless
Things that are NOT allowed: