It looks like Canon’s not the only one hurting this year. Nikon has just published their financial report for this fiscal year, running from April 1, 208 until March 31, 2019. While the company as a whole seems to be on the up, they report a 17.9% reduction in revenue compared to the 2019 fiscal year with a drop in operating profit of 27%.
The drop in profit brings Nikon’s fiscal year 2019 operating profit down to 22 billion yen, a drop of around 8 billion yen. Nikon says that sales of the Nikon D850 have been strong and that it’s the Z6 and Z7 mirrorless cameras that they’ve been trying to boost sales of. They’ve also been focusing on sales of products like the Coolpix P1000 – something they describe as a compact camera, which sounds a little strange given how big it is.
For the digital camera-interchangeable lens type, sales of the D850, a digital SLR camera, were strong, and the Group made efforts to increase sales of the new Z 7 and Z 6 full-frame mirrorless cameras, which have earned favorable reviews.
For the compact digital cameras, the Group focused on sales of high value-added products such as the COOLPIX P1000, which is equipped with a 125x optical zoom lens.
However, unit sales of both digital camera-interchangeable lens type and compact digital cameras fell amidst the shrinking market.
As a result, revenue for the Imaging Products Business decreased by 17.9% year on year to 296,169 million yen, and operating profit decreased by 27.0% year on year to 22,069 million yen.
Nikon predicts that full frame digital will remain solid, but that they expect the market as a whole to continue shrinking. They partly put this down to “fluctuations of the economy of the respective regions” and partly towards the growing competition and rapidly evolving technology.
You can read the full financial report over on the Nikon website.
FIND THIS INTERESTING? SHARE IT WITH YOUR FRIENDS!