Corning Incorporated stock research
FY2024 Q3
Corning (GLW) Gross Margin — Quarter Ended Sep 30, 2024
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit rose while cost of revenue remained stable, resulting in an improved gross margin.
Gross margin takeaway
Quarter ended Sep 30, 2024 · FY2024 Q3
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit rose while cost of revenue remained stable, resulting in an improved gross margin.
- The strongest observable margin driver is the relationship between revenue growth and stable cost of revenue, which directly supported the gross margin expansion.
- Compared to the immediately preceding quarter, gross margin improved as revenue increased while cost of revenue was unchanged. Compared to the same quarter one year earlier, revenue and gross profit both grew, and the cost of revenue increased less proportionally, leading to a higher gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
33.5%
Gross profit
$1.1B
Revenue
$3.4B
Cost of revenue
$2.3B
Quarter-over-quarter change
+4.3 pts
Year-over-year change
+1.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2023 | $3.0B | $911.0M | $2.1B | 30.4% |
| Mar 31, 2024 | $3.0B | $993.0M | $2.0B | 33.4% |
| Jun 30, 2024 | $3.3B | $949.0M | $2.3B | 29.2% |
| Sep 30, 2024 | $3.4B | $1.1B | $2.3B | 33.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2024
+4.3 pts
Year-over-year change
Sep 30, 2023
+1.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue growth and stable cost of revenue, which directly supported the gross margin expansion.
Compared to the immediately preceding quarter, gross margin improved as revenue increased while cost of revenue was unchanged. Compared to the same quarter one year earlier, revenue and gross profit both grew, and the cost of revenue increased less proportionally, leading to a higher gross margin.
Monitor whether the cost of revenue remains stable as revenue continues to change.