Nikon stock down 23.6%, the worst underperformer in the Nikkei this year

Just saw this report on Reuters:

"Nikon is down 23.6 percent year-to-date and is the worst underperformer in the Nikkei this year, while the benchmark has rallied nearly 49 percent."

Nikon had to cut their financial forecasts multiple times in the past few months.

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  • Marc

    Good, a little pain and maybe they’ll learn.

    They’re not making cameras people want. Or at least they’re not making cameras that people can justify monetarily. I’m stunned at the prices for their higher-end gear these days. As an advanced-amateur (former pro) who used to buy only the high-end, I can’t remotely justify paying for that stuff today. Especially when I can buy better/cheaper elsewhere (see: Canon, Fuji).

    And what of the consumer end? Why would anyone buy a Nikon 1 or a Coolpix when most mobile phones are damn near better cameras and certainly have more features?

    Nikon needs to get back to making really good cameras and lenses that are actually affordable. They haven’t done that in a while.

  • Radek

    Let’s just say that releasing a pro DX body BEFORE Sochi Olympics (call it D400 if you must 🙂 would be very healthy for Nikon. 10-15fps @ 20Mpx would be smoking … Hint.

  • gly

    Update the firmware on the D800 to allow high, medium, and small RAW res files and perhaps increasing the shutter fps as a result. Then sell more D800s’ without lowering the price.
    Maybe it’s time to look at adding features via firmware as a way to give ‘value’ back to the consumer. I sure as hell don’t want to buy anymore or your cameras. Ball is in your court, Nikon…

  • Mansgame

    Nikon, it’s not too late to offer a recall to D600 owners before they all jump ship to the A7 (or A7’s replacement once they get they want to upgrade) and win back your good name. Tell your marketing department to look up the Tylenol case. That’s how you do it. Recalls may cost some money up front but you get it back and much more in good will. Recall the D600.

    • Bill Ferris

      Hmm, a D600 with 150+ lenses from which to choose versus the A7 with um, 4 lenses. Until a wide selection of quality primes (f/1.8 or faster) and zooms (f2.8) are available natively in E mount, there won’t be too many Nikon (or Canon) owners jumping ship to the A7.

      • R!

        You can’t use 150 lenses you Actully need 3 or 4 maximum the rest is luxary!

        • CSIROC

          By that logic, you can’t use 16 cameras either…only need one, maybe a second for a backup. So should Nikon ax the other 14 DSLR’s it offers (to say nothing of the other camera types)? Which two to keep?

          It should be obvious to any actual photographer that 3-4 lenses is not going to satisfy the vast array of users/subject matter in the world of photography. More lenses available, the more likely one will fit your desired usage.

          As for the A7, no thanks at any price. If it isn’t comfortable to use, I’m not going to use it. If it works for you, go for it. Don’t assume, though, that the only benefit to a DSLR is the sensor.

      • Mansgame

        The camera was just released so there will be many more lenses. Besides, they make adapters for every major lens.

        • Bill Ferris

          Great, lets put an extraneous and optically questionable piece of kit between me and my subject.

          • orpickaname

            Not “optically”, but rather “mechanically”.

    • neversink

      Of court they should have recalled the D600 in the first place. I know a woman who went to the Attorney General because a certain camera company could not clean her camera correctly. Guess what. She was completely compensated.

  • Global

    Hopefully Fujifilm or Sigma will buy them soon (kidding).. but the way things are going, they could use some truly innovative blood. =P

    Nikon is doing a good job; their products are excellent. But I don’t have any feeling of any real strategy in the market from them. They rely heavily on brand and have way too many products in the market (multi generations sometimes — why did I see D5000es for soo long? I even see D5100es everywhere. I thought the D5300 was out!!! And Best Buy seems to focus on the D7000, etc. I don’t get it at all. Nikon is not making clean sales and oversaturating the market with generations).

    The other point is that they are just GIVING AWAY market share to companies like Sigma and Fujifilm. They seem to think they only compete with Canon and Canon’s prices and strategy. They are TOTALLY wrong.

    Nikon needs to wake up to the new world. I think stock holders understand more than Nikon does.

  • Des

    It’s all in the marketing. What this uninspiring ‘I am’ crap. Meanwhile Canon pays commissions to retailers to sell their products. Sony buying up airport shop exclusivity.

    Guess what brands people see in stores?

  • Kevin D Dell

    I wish Apple would buy Nikon.

    • Aldo

      I wish canon got their sensors from sony…

      • fjfjjj

        I wish Canon got their lenses from Fuji.

        • Ric

          I wish for 3 more wishes

          • Kassim

            I wish all of you have none! Hahahaha…

      • Never Mind

        I wish I had got my cameras from Canon

      • Neopulse

        I wish Nikon made a FF mirrorless

      • Freakyform

        I wish Canon made full frame cameras with built in flashes

  • Hedge Funder

    While everyone points to various models they personally dislike or to new ones that they wish were being produced, the value of a company’s stock does not necessarily parallel the specific products it produces. You can’t just point to the camera models themselves as the culprit for a poor value assessment. The camera industry as a whole is currently dismal. This has no bearing on how good or bad a D800/D600/Df might be you personally. It’s about the company as a whole and its position as an investment.

    And that has to do with things like the organization of management, subsidiaries, ancillary business investments, cash on hand, industry projections, etc.. Pension funds look at the whole package when assessing a company’s potential value. Canon, Olympus, Sony, etc., are also doing very poorly with camera sales overall. But the companies themselves have more diversity (in other areas besides cameras) and are seen as less risky at the moment. This doesn’t have anything to do with Nikon camera models specifically. But Nikon is into digital imaging (cameras) at 63% while Canon is at 40% and Sony only at 16%. Olympus is at 15%.

  • Hedge Funder

    btw, Nikon sales may be down but it’s an in-demand stock because it’s currently a bargain for the long side. Investors who are betting long term are buying Nikon stock and the price per share is increasing as of today. Shares of Nikon Corp are up 2.62% right this very moment. Nikon Corp is at a buy status. This means a growth prediction over the long term with Nikon. So while Nikon sales have been down, the investors see an up value and the stock is in-demand due to low prices at the moment. This is not gloomy news as Nikon Rumors seems to be making it out to be (read the article yourself.) However, yes the camera industry has been in a downswing overall and Nikon with 63% of its ‘eggs in the camera basket’ was most vulnerable in respect to overall sales earnings.

  • UA

    As far as I have understood, neither Canon or Sony do very well at the moment. In fact, traditional camera sells will plummet due to the improvement of mobile phone sensors and their capabilities. And I am afraid that small mirrorless will not change this. They are not up to the pro level, but still cost too much and are too big for typical consumer when compared to Nokia Lumia 1020 for example.

    I hope Nikon to forget consumer markets quickly and only provide entry level DSLRs (and maybe introduce a APS-C sized mirrorless, although they are still quite crap.. yes I own Sony NEX-6, and it’s crap.. I take more pictures with my Lumia 920 than my NEX-6), prosumer DSLR and bang on pro equipment. I mean, that 36mpix sensor or even higher in D4 body, D4 sensor in D800 body, drop the Df price to level of prosumers, leave D610 as it is for awhile. Make some innovation for pros, there are plenty of interesting patents made by Nikon.. why not try to bring them to production, even with a bit of risk.

    Nikon should also update lenses that are lacking behind, like 24-70/2.8 (new one with VR and better resolution please).

    After all, the pro stuff has money in the margins and the consumer stuff has money on the volume. Have guts to compete with Leica, Zeiss, and PhaseOne.. not Nokia, Apple, Sonot and Cannot. Even if that would mean cutting down revenue, people and factories.

    Of course, Nikon does not listen to me, but hey, it is always fun to rant about stuff on these kind of forums and get someone to upset ;-).

  • Spy Black

    Is Mitsubishi concerned? If not, don’t worry about it.

  • Saffron Blaze

    That’ll teach ’em to not make me a D700 replacement.

  • per

    Nikon is still overvalued. The stock has a price earnings ratio of 31 which is ridiculously high. Compare with Apple with a ratio of 14. The Nikon stock has been overvalued and it’s a good thing that it is coming down.

    • BluePlanet

      Good thing to whom?

      • Porky Pig

        George Soros and other leftists buying leftist politicians & shorting markets, & cleaning house, that’s who.

    • BluePlanet

      Good thing to whom?

  • Corporate Slave

    Nikon makes a number of great products. Great products, however, do not always translate into great valuation by the stock market

    These are some of the considerations for an investor who might be tempted to buy Nikon stock due to its current price
    – Nikon is operating in stagnating/declining markets and its share within those markets is not growing
    – The company doesn’t seem to have a clear strategy on how to get into growth markets (cellphone camera tech etc.)
    – The recent QC issues and the way they were handled by the company (Is there a real possibility of future repetitions and what impact are they going to have on future cash flows?)
    – Corporate governance and investor protection or lack thereof in Japan

  • hahaha

    You all need to understand that Nikon is a Japanese company. And unless you work in a Japanese company, you will understand Japanese working culture. It’s out-dated, old-school and they refuse to change. Decisions are top-down and slow. Their communication with the rest of the world is just laughable. Their mentality and mindset is not cut out for times like now. Last time, they do not face serious competition in the world. So trust me, all these whining about no D400, no D700 successor, poor QC even if they heard it, it doesn’t matter to them as long as their CEO is Japanese with their out-dated, traditional mindset.

    • BluePlanet

      Yeah, thats why the Japanese economy is tanking and Japan will become a third world country!!

  • lorenzo

    Next: Chinese company XYZ to buy Nikon for $1 million.

  • Tor

    This is NOT primarily about DSLRs, folks! Definitely not about any lacking D400 (or D710 for that matter) The main Source of Income for the cam-companies, the point-and-shoot marked, has just collapsed, and you automatically assume this is directly connected to a niche high-end DX DSLR just a tiny (but very loud and demanding) fragment of the marked is willing to spend their hard earned money on, with an extremely low revenue-margin too btw. D400 will be a “natural” development for the next generation of sensors. If Nikon will still exist in a year or two it will be there some sunny day. In the meantime: go shoot, and stop whining! The big question is how to create Nikon-products with a much broader appeal to Santas across the world with a dead p&s segment.

    • Yoshi Spendiff

      I remember reading a few months back about Nikon supposedly putting optics into the Nexus 5. It didn’t pan out that way but perhaps that’s the direction they should head.

  • desmo

    This is all because they didn,t make a D300s replacement!!

    Aw shit how could I be so wrong!!!!!

    It’s all because there’s no real D700 replacement!!!!!


  • BernhardAS

    Nikons results will not become better until they completely change they development and marketing approach. At the moment it feels like the major design philosophy is “what can I leave out/ scale down from this new model in order not to hurt sales of other models?” Instead it should be “What can I add to this model to make it sell?”

    They have no answer to three trends in their business environment:

    1) there are fewer new users coming into the market as the current economic crisis actually diminishes the middle class around the globe.

    2) All existing users have pretty competent cameras and need a compelling case for a replacement or an additional camera.

    3) Competitors deliver actually new segments of cameras.

    Each new camera should be a compelling case at its price point.

    P.S. The D800 was such a Camera.

  • ||-||

    Nikon deserves it. They have become a second rate manufacturer with some serious internal problems. Shi*tty customer service, major QC issues, FU policies for addressing QC issues, etc. It’s insanely competitive to survive in a declining market. Nikon keeps shooting themselves in the foot with “unforced errors.” The stock price correctly reflects this. Hey Nikon, quit screwing your own customers and maybe your fortunes will turn. Also, quit using lame excuses about the economy and exchange rate to justify your declining market share.

  • gimar bazat

    No wonder, considering the complains with D600, the weird DF retro lunch with same 50mm lens in a different casing… no wonder the stock is that low.

  • KnightPhoto

    Nikon has one camera with EXPEED4 so far (the D5300). Where is Nikon going to use EXPEED4 next?
    – putting it in a D400 should be a lock – 24mp DX 8fps;
    – will they or won’t they produce a “real D700 replacement” – 24mp FX 8fps?
    – then there is the D4X, D810, D620, D7200, and V3 to consider.

  • Seki Ryunosuke

    Nikon’s share price isn’t down because Nikon has given us bad cameras. Nikon wholly depends on camera to do business, so things can easily get worse if few people buy cameras. Canon or other makers are also struggling in the camera business this year, but their performance in terms of share price is better than Nikon. The reason is that they have solid business other than camera, which can make up for loss in camera business. Nikon doesn’t have it. That’s it.

  • Chuffed

    Haha. Well they certainly deserve it. No D400, the hight of arrogance in my opinion.

  • hexx

    I think that Nikon missed the mirror less revolution. There’s no real benefit of buying mid range APS-C DSLR over equivalent mirror less camera. Absolutely no benefit at all.

    Their professional cameras will stay where they are but the most of the professionals or users who need such camera already have it. Cash flows from what most of the customers buy -> it’s not the top end.

    EVIL project as is has existed for a number of years, big companies were just probably having a good laugh at those first DiY projects without realising what CMOS sensors offer -> Live view.

    As the time goes by you will see more and more PDAF sensors on the imaging sensor itself (current iterations of cameras with on-chip PDAF have them mostly in the centre area) which will also mean selectable AF phase detection AF points across the whole frame, like is currently available with contrast detection AF on mirror less cameras -> and that, will be true death of SLR concept (which as we all know was developed mostly to offer correct framing or if you like through the lens experience).

  • Joven

    You people seriously need to get over this D400 replacement. It’s not what’s killing Nikon. If it were, then Canon would be in the same boat, b/c they’ve been pushing the 7D since 2009, too.

    Nikon’s biggest issue is marketing, brand perception, and its offerings in the consumer lineup. I went on a Polar Express train ride, and guess how many D7100/7Ds, D300s/7Ds, D610/6Ds, D800/5DmkIIIs, D4/1DXs I saw? Zero. Guess how many rebels and bridge cameras I saw? 50+. There is a reason VW owns Audi, and Porsche, and why it’s not that Porsche owns Audi and VW. While the high-end line of cars are nice, and help fill a market, it’s the lower level cars that keep the brand afloat.

    The D400 and D700 replacements aren’t hurting Nikon. MWACs and DWACs are buying Canon, b/c their neighbors/friends have Canon. Canon is still better at video than Nikon, THAT hurts Nikon. Nikon still hasn’t developed a viable option for a mirrorless camera, THAT hurts Nikon. They’re still using uninspired Ashton Kutcher ads in America, THAT hurts Nikon.

    • jk

      not marketing alone but usability issue , the D800E should have M RAW or S RAW for example , I am tired of editing 1000 or more 36mp files every time I shoot a wedding or an event with it.
      the 5D2 has MRAW and my Sony A900 had C RAW and that was very very handy sometimes.

      also , they should put pro level 4k video in all its D-SLRs since Nikon does not have pro video business , so they can do it, Sony Canon cannot do that since they have pro cinema camera business.

  • Nick Harman

    I’ve loved Nikon since my first F1 but they let everyone else get ahead in digital and Canon in particular. Complacency I think was partly to blame and a bewildering array of Nikon dSLRs in the mid market. I now use Canon and, a D1X which still has magic if not the megapixels

    • Captain Megaton

      Restricting the discussion to cameras, Canon and Nikon are very much in the same boat with a similar line up of products. Neither have come up with an effective solution to “the mirrorless problem”.

  • jk

    after all, Nikon is a tiny company about 7 times smaller than Canon.
    but Nikon is safe for a while because it is a part of Mitsubishi group.
    but the real problem is Nikon does not have core business division (used to have instruments and precision divisions) other than weak imaging group.

  • jk

    and they must realize that D-SLRs are no longer attractive and won’t be around in 4 years.

    • mrjohnspeaks

      Are cell phone cameras having this great an impact on professional cameras?

  • Stan Dibben

    I can tell Canon sometimes can’t hear users, but is able to listen to the market. Nikon seems deaf. Even blind, if I look at the Df.

  • intopix

    Maybe Nikon should also listen to the side of the market:

    The New York Institute of Photography has launched two brand
    new courses – Marketing for Photographers and The Complete Course in Video Making and Storytelling.

    “The Complete Course in Video Making and Storytelling.”? Hum…

  • saicode

    Curse of all the ditched D600 users.

  • Captain Megaton

    Well, this was hardly unexpected. Unfortunately the broader question: “how bad is it, really?” is left unanswered. I would humbly suggest the critical metric is marketshare relative to the mirrorless trio of Sony/Olympus/Panasonic. If that’s taken a massive dive, then Nikon really is in trouble. If its holding steady, then its just a slump in the industry overall.

  • proshooter

    Not surprising : Nikon invited me in their “Pro Space” at the Salon la Photo in Paris last November : crappy 8 m2 space, no chairs, no advise, no interest what so ever in feed back. The director of Nikon France wanted me to try the Df but I declined politely, told him what I wanted as a “forced” D4 user, is a D700 update with video and 24 MP : a “5Dmark3” from Nikon, because I hate carrying two D4’s in Africa and because the silent option on the 5d Mark III is just great whereas the D4 sounds like an machine gun. The guy just turned away from me, annoyed that someone would spoil his fancy Df party. There I stand, a professional owner of 15.000 Euro in Nikon gear, staring at the back of the director of Nikon France. Then I went to see Canon just on the other side : told them I am a reporter unhappy with Nikon : immediate professional advise, they listen, they care, and they design cameras for reporters. Sold one D4 and a bunch of glass already, first shots with 5dmarkIII and 24-70 2.8 : what a great relieve, the feeling I am finally holding the camera I was waiting for. No regrets, Nikon is something for the past, and for amateurs.

  • Craig Marshall

    What are you guys complaining about? All I read are negative responses and complaints about Nikon not listening. The problem is regardless of what Nikon does everyone will still complain. Try letting Nikon know what it is they do that impresses you the most so they can focus on what makes you happy. I would love to see an imaginary camera that uses multiple sensors that at the press of a button can rotate a different sensor into position like a Lazy Susan, then I can use a 6 megapixel low noise sensor at ISO 16 million, wow what a sensor! Next click my rotate dial and get that 100 megapixel sensor so when I shoot super wide and get fantastic detail even when at 100% view. Don’t forget the incredible lens that can see the resolution of the 100 megapixel lens. Now for the most fantastic thing of all, I want it all at just $695.99!!!

    People, get real!

    I started shooting (in the digital era) with a Nikon D100, just 4 shots to a full buffer. Guess what? I can still get fantastic results with this camera today. Now with the lineup of modern cameras I am spoilt for choice. I think this is why people are complaining so much. There is so much good choice out there that you all have difficulty deciding on what camera to buy.

    The D700 is a fantastic camera, but at this price point everybody wants more. Nobody wants to buy a D700 replacement that is just another D700. To move forward, onwards and upwards you don’t replace, you reinvent. The Nikon D3X was not a replacement for the Nikon D2X, but an entirely new camera. Forget about the name, you’ve got a different camera.

    As a wedding photographer I want to sell large images with fantastic fine detail and for this I need the Nikon D800E. I also need need great high ISO noise performance and for this I need the Nikon D600 or the Nikon DF. I don’t need a cropped sensor since I can use either one of these cameras in DX crop mode. After all the DX is just using the smaller section of a FX anyway. This is personal choice people, I could still get fantastic results with a DX sensor.

    I’m a good photographer so I don’t sit around complaining about what Nikon doesn’t have but instead use and love what Nikon does have, and I use ANY camera very well.

    Thank you Nikon, you changed my world and gave me the ability to produce fantastic results and increase my sales. I don’t think I could have done this with the film cameras I used to shoot with. I love your products and find you have given me great choice in your camera lineup. I had difficulty choosing cameras to buy from your selection.

    I am Craig Marshall, and I am a Nikon user

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