Nikon has released its latest financial results for the second quarter of the period ending March 31st 2024 and they are generally positive – it shipped more cameras owing to ‘strong sales of mid- to high-end products.’
The company reported overall revenue of ¥331.2 billion, an increase of￥42.9 billion year on year. The Imaging Products Business, which includes cameras and lenses and is still Nikon’s biggest product sector, reported revenue for the period of ¥137 billion, up around ¥48 billion year on year.
‘Both revenue and operating profit grew,’ Nikon commented. ‘Sales volume of mirrorless cameras, mainly the Nikon Z 8, and interchangeable lenses of mirrorless cameras increased… and the weaker yen helped.’ Nikon also cited the release of the Nikon Z f as a key progress indicator.
For the next financial period to be reported, Nikon predicted that revenue would be up ¥25 billion vs. previous forecast. Its operating profit predictions were somewhat less bullish – up ¥2 billion from the previous forecast. It mentioned changed foreign exchange assumptions, the rising costs of parts and increased sales promotion expenses.
While Nikon is selling far fewer digital cameras and lenses than it was a decade ago, its strategic focus on higher-end, higher-priced mirrorless models aimed at the buoyant enthusiast and professional market appears to be paying off in terms of generating revenue and profit.
It’s not alone in this tactic, however, and will continue to face stiff competition from deep-pocketed rivals such as Canon, Sony and Fujifilm, as well as smaller, nimble competitors such as OM Digital Solutions and Leica.