Nikon has released its latest results for the first quarter of its financial year ending March 31 2022. The Imaging Products Business reported revenue of 50 billion yen (approx. £327 million) along with an operating profit of 9.2 billion yen (approx. £60 million). This represents an increase of 17.5 billion yen in operating profit.

Nikon further reported that it sold:

220,000 interchangeable lens camera units, by which it means DSLRs and mirrorless devices, a year-on-year increase of 80,000
390,000 interchangeable lenses, a year-on-year increase of 170,000 units
70,000 compact cameras, a year-on-year increase of 20,000

To put these figures in context, Nikon says that the revenue rise is due in part to a weaker Japanese yen and the deferment of expenses.

Currency and accounting niceties aside, the company is reporting that the positive results are also due to “expanded sales of mid- to high-end products to professionals and hobbyists by enhancing the lineup of interchangeable lenses for mirrorless cameras,” and cites a general pick up in the camera market compared to the Covid-stricken 2020.

Nikon’s high-end Z7 II mirrorless model

The company also notes the positive impact of the “higher ASP (average selling price)” of its pro/hobbyist cameras, a market segment where makers are increasingly focussing their attention.

Taking a wider view, the latest figures from Japan’s CIPA (Camera and Imaging Products Assocation) reveal that total production of digital cameras grew 145% year on year, with total worldwide shipments growing by 132%.

While this seems positive, the increase is from a low base, as 2020 was one of the most difficult years for camera makers in living memory. Canon was also pretty downbeat in a recent Q and A session for investors; although it cited the ongoing success of the EOS R5 and 6, a spokeperson also predicted that “even if the influence of coronavirus becomes smaller, the camera market, which has shrunk mainly due to the influence of smartphones, will not recover significantly.”

Canon EOS R6

Canon’s EOS R6 is reportedly selling well