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Nikon Lays Off 700 Workers Following Their Recent 2020 Financial Report

Nikon Lays Off 700 Workers Following Their Recent 2020 Financial Report

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Nikon Lays Off 700 Workers Following Their Recent 2020 Financial Report

After releasing a revised financial statement a few weeks ago, Nikon has finally published its full Fiscal Year 2020 Financial Results detailing an operating profit decrease of ¥17.1B (or approx $157million USD) which is almost a 92% drop compared to last year! With this report, Nikon has also laid off about 700, (approximately 10%), of its workforce in Thailand and Laos (Southeast Asia) as part of a “Structural Reform” likely related to this.

Nikon 2020 Financial Highlights

Nikon isn’t the only company suffering this year in relation to Coronavirus, (and other mitigating factors), as even Canon is reporting profits down by 80% compared to last year! As expected, things are just bad all around with the imaging business as a whole reporting drops in revenue across the board.

You Can Read The Full Report From Nikon Here;

[Related Reading: Nikon’s Latest Financial Statements Warn of “Extraordinary Losses” Due To Covid-19]

The good news, however, is Nikon says they are looking towards the future, stating they will “optimize according to the production scale”  depending on how the pandemic affects business moving forward. Meaning, Nikon plans to optimize its imaging lineup to get ahead of the shrinking camera market to minimize its overhead costs.

Interestingly enough, they also stated that the sales decline was partially due to the delay in launching a “new camera” due to the coronavirus. Given the price and lack of any real features over the D5, they can’t be referring to the D6? So it leaves us wondering if there’s another camera, Mirrorless or DSLR, that we’ve not heard about yet that should have been released? Fingers crossed it’s something new and higher-powered for the mirrorless Z series!

Check Pricing & Availability of Nikon Gear Here

Adorama | B&H | Amazon

 

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