Nikon misses financial forecast, stock down at 3 years low, company restructuring announced

Nikon released their financial results for the year ending March 2014:

Nikon (7731) Corp. posted its lowest close in three years after the camera maker’s net income for the last fiscal year and profit outlook missed estimates.

Nikon sank 4 percent to 1,567 yen, its lowest close since March 2011. The company announced net income of 46.8 billion yen for last fiscal year, missing its own forecast of 50 billion yen. Nikon projected profit of 45 billion yen for the current year, while analysts estimated 48.5 billion yen. (Bloomberg)

The above Nikon Corp. stock charts shows a -42.38% one year return. This should not be a surprise to anyone that follows this blog. As a result of the poor financial results, Nikon appointed new directors and officers and changed the assignment of some executives positions. The company also announced reorganization of their corporate structure.

Summary for the year ended March 31, 2014 for Imaging Company:

Sales is down 9% due to lingering stagnation of camera markets mainly in Europe and China, but the profit increased 6%. Optimization of product mix in entry class SLR cameras and thorough cost reduction activities contributed to the recovery of operating income ratio from 5.1% in the 2nd half of FY3/2013 to 8.8% in the 1st half and 10.0% in the 2nd half, averaging the annual 9.4% rate.

Summary of estimation for the year ending March 31, 2015 for Imaging Company:

Market downturn continues for digital camera-interchangeable lens type and compact DSC. 1st half still faces the unfavorable market condition, but the recovery is expected in the 2nd half. Sales forecast is lowered 8% but increase of operating income is forecasted.


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    …OR we can blame this on their Goofy Df Model…Yep that is the reason..a over priced/cheap o material/ camera that no one wants.

  • PeterO

    I wonder whether this restructuring is more like changing the colours and sides of the Rubik’s cube.? It’s still the same colours, just rearranged differently. Japanese company culture is very slow to change. I read somewhere that it’s extremely difficult to fire people in Japan. I may be completely wrong about this, but until we hear the new boss saying something about better value for money spent, better customer communication and a return to innovation (i.e. not another 18-xx lens), I’m staying on the fence. Currently I have a lot of Nikon gear, but I am not brand loyal. The best tool for the job gets my money! Perhaps someone at Nikon will get a job as “forum reader” to see what the natives are saying, and this information actually gets beyond the peon level.

  • MB

    They will be pushing income yet more with even lower sales …
    The only way to do it is with even higher prices or by lowering costs even further (cutting on R&D, manufacturing and services), or both … seems to me that customers will not be too happy either way …
    Also it is very obvious that P&S are lost cause so why keep trying …

    • megadon357

      Of course, they sold over 17,000,000 compact digital cameras in 2013 and are pushing into emerging markets in 2014….. not sure if that is a “lost cause”.

      • MB

        No they didn’t, those results are for 2013 fiscal year and Nikon estimated to sell 11.5 mil but managed to sell a bit over 11 mil, and for the 2014 fiscal year they forecast to sell around 9 mil and will most likely end up with something like 8.5 and that is 50% drop on sales comparing to 2012 fiscal year when they managed to sell around 17 mil so if this isn’t disappearing segment and lost cause I don’t know what is … and no emerging (read poor) market exist in reality

  • neilvn

    I obviously don’t understand high finance …. but why is it bad news and all “misses forecast”, “3 year low”, “company restructuring” … when the reality is that they made a net income of (a staggering) 46.8 billion yen?

    “The company announced net income of 46.8 billion yen for last fiscal year, missing its own forecast of 50 billion yen.”

    And fair enough … 1 Yen is about 1 US cent, but that’s still a massive figure.

    • It’s bad news because anything contrary to the doctrine of endless, limitless corporate growth is apostasy.

    • megadon357

      neilvn, exactly right. Nikon, ultimately, is in the business of making money. The value of Nikon stock was affected by profit forecast and drops when reality falls short. As long as Nikon is profitable the news isn’t all bad. However, declining company’s only stop the decline with innovation and margin. Unless they move forward, these profits will continue to shrink, and eventually Nikon will be raided.

  • Nikon User

    Bring down the prices of all the products by half.

    Problem easily solved!

    • mikeswitz

      Wow! You should be the Nikon CEO. If they only knew that you were available.

  • Captain Megaton

    If this continues sales will be down 100% and profit up 100%.

  • megadon357

    The answer is always innovation and margin. People will pay for great products. The DF is a camera that is really good, but could have been really great. I still want one, and might still buy one, but am sorely tempted to get a Fuji X-T1 because their implementation of user controls is nearly perfect and they have some really good glass available and I can get the camera and some lenses for the price of the DF. Focus tracking is what keeps me from pulling the trigger, plus I am really spoiled by the Nikon V1 AF and overall speed. A V4 with X-T1 like controls would be something for which I’d gladly overpay, but instead the V2 and V3 have nothing to prompt me to upgrade until the fire-sale (which i when I bought the V1). I did not mind paying $900 for the 32mm f/1.2 prime, I did not mind paying $500 for the 6.7-13 wide zoom, and if I had a reason I’d pay $900 for the 70-200 mega-zoom. I did buy the 10-100 PD at fire-sale price and now ove it for video, plus it is a very high quality product despite being a slow f/4.5-5.6.The Nikon 1 serious is a great system but way overpriced for the market and despite its strengths not innovative enough to pull in customers willing to overpay. These same issues run across the board for Nikon.

  • megadon357

    The answer is always innovation and margin. People will pay for great products. The DF is a camera that is really good, but could have been really great. I still want one, and might still buy one, but am sorely tempted to get a Fuji X-T1 because their implementation of user controls is nearly perfect and they have some really good glass available and I can get the camera and some lenses for the price of the DF. Focus tracking is what keeps me from pulling the trigger, plus I am really spoiled by the Nikon V1 AF and overall speed. A V4 with X-T1 like controls would be something for which I’d gladly overpay, but instead the V2 and V3 have nothing to prompt me to upgrade until the fire-sale (which i when I bought the V1). I did not mind paying $900 for the 32mm f/1.2 prime, I did not mind paying $500 for the 6.7-13 wide zoom, and if I had a reason I’d pay $900 for the 70-200 mega-zoom. I did buy the 10-100 PD at fire-sale price and now ove it for video, plus it is a very high quality product despite being a slow f/4.5-5.6.The Nikon 1 serious is a great system but way overpriced for the market and despite its strengths not innovative enough to pull in customers willing to overpay. These same issues run across the board for Nikon.

  • stoooopid

    First of all, this is industry wide, not just a Nikon problem. Second of all everyone is saying “if they had only made a d300, or a D700 replacement…” – OK fine, I will throw my hat in the ring:
    If Nikon had only made the coolpix A with more external controls and a real AF system – dang – what could have been. Then maybe they could justify the high price.
    Although I don’t think making any certain product would have really saved them from this downturn.

  • Nate

    They need a new line-up, leaf shutter lenses anyone?

    • Hell yes! I would buy a 35, 50 and 85 today!

  • mikeswitz

    Here we go. All the marketing geniuses and potential CEO’s are going to tell us what Nikon is doing wrong and all the other camera/electronic companies are doing correctly. On the count of three……

    • Scarla

      You have a bad case of fanboyism.

      • mikeswitz

        I am the opposite of a fanboy. I own several different systems and use them depending on the job. When friends ask me if they should buy Nikon or Canon I say it doesn’t make a rat’s ass bit of difference, just buy whatever your friends have so you can borrow what ever glass they have.
        And btw, don’t you think the use of “fanboy” is getting a little old? Or are you just a little old?

        • Scarla

          Can’t say for sure, but I’m certainly old enough to know that consumer can and should criticise any camera company – and that more often than not they have valid points.

          Now, who else than a fanboy would see constructive criticism as a threat? A religious nut, maybe.

          • mikeswitz

            What don’t you get about all the other camera/electronics companies facing the same or worse problems than Nikon and whining on this forum about how Nikon not listening to its customers is not going to change a thing.
            You’re right I’m a religious nut. I’m an atheist.

    • megadon357

      Mike, you’re right! If all Nikon customers would just shut-up, I’m sure Nikon would be just fine. Who needs customer opinion, anyway?

      • mikeswitz

        Not Nikon, or any of the other camera companies (especially Sony) who are losing money. Nikon made a huge profit this last quarter, they just didn’t meet market expectations. Customers opinions are based one what they want and have nothing to do with what the company is making or charging.

    • stoooopid

      …two…one…GIBE ME A DANG D400!!!!
      So I can not buy it and bitch about how expensive it is for what it offers.

    • PeterO

      Right, and all of Nikon’s marketing geniuses and CEO’s have produced this glowing financial result and plummeting stock value.

      • mikeswitz

        If you actually read the “financial result” you would know that is not as bad as the headline. Restructuring doesn’t mean they are going to deal with all the whining and crying that goes on on NR. I can guarantee that none of the geniuses here know more than Nikon’s.

        • PeterO

          You’re argument reminds me of George Orwell’s “1984” where the government keeps telling the populace that chocolate production is up 25% but no one has seen chocolate in years.

          • PeterO


          • mikeswitz

            Wait, are you saying that Nikon’s chocolate production is actually down? Nikon would NOT lie about such things.

  • blp

    It’s about time Nikon should seriously start listening to its costumers and stop making more 1 series cameras.

    • megadon357

      “the Nikon 1 interchangeable lens-type advanced digital camera struggled slightly as the market for non-reflex digital cameras failed to grow to the extent that we had anticipated. Nevertheless, Nikon managed to secure the second-highest market share worldwide, with a stake of more than 20%. We believe that this has placed us in an advantageous position.” – Nikon 2013 annual report.

  • guest789

    I’ve been shooting with D700 for 4 years and still waiting for an upgrade. What I would buy is:
    – Same body and AF (why to spoil things that work? at least for me)
    – D4 sensor
    – 100% viewfinder
    – USB 3.0
    All the above IS AVAILABLE for Nikon and could have been put together 2 years ago or at least last year.

    As a new DSLR camera – not an upgrade for D700 – I would buy
    a camera with specs similar to Sony a7S with bumped up Mpx a bit, e.g. to 20Mpx. In my type of shooting, the low light capability of D700 is
    insufficient: I need it improved by 2 or better 3 f-stops (I guess it is what
    Sony a7S will deliver). Most of my last wedding indoor shots were taking at ISO 12800 and 25600 to minimize motion blur of subjects, which are people. The image quality at such ISO is quite low for viewing on an HD computer screen, which would correspond to prints at size 5″x7″ or so, which are basically quite small.

    My general expectation in DSLR advancement is decent IQ
    (Image Quality) at ISO 512K, which is just about 1 or 2 f-stop higher than the sensitivity of human vision (and we, as humans, have quite a decent IQ at ISO 100K :-). The ultimate test of any camera for me is to take a sharp shot of an ISO resolution chart placed on the back of a man walking indoor, under normal indoor lighting, and NOT STATIONARY SHOTS taken in lab conditions, which are not representing this type of shooting that I need the most.

    • stoooopid

      I think Nikon did an extreme dis-service to customers by making the D700. Because now the bar is very high compared to what Nikon is willing to deliver. Now everyone expects Nikon to mill the extra batteries off of the D4s housing and sell it as a D700s – all for $2500 bucks. I don’t see this happening.

      • Groosome

        Neither do I, cause then it wouldn’t have a built in flash.

      • umeshrw

        Apt name you have.

        • stoooopid

          So let me get this straight. The guy who says the following:
          “Nikon has certainly shown us what the perfect mid tier camera was and now is paying the price by refusing to give people its successor.”
          Is questioning my IQ for saying basically the same thing. My user name was meant for you.

          • umeshrw

            My reply was for second part “Now everyone expects Nikon to mill the extra batteries off of the D4s housing and sell it as a D700s – all for $2500 bucks. ” Afterall D700 is not as rugged as D3 nor is it identical in features or speed . It is reasonably enough to satisfy birders and sports shooters. Just enough. I always feel that it should be possible to give upvote and downvote both.

            • stoooopid

              Well, surely you can understand sarcasm right? Maybe you could have picked up on that when I said Nikon could mill off the extra batteries from the D4s housing. Surely they would not do this – they would have a new machined part for the housing. The spirit of what I was saying is essentially the same as what you were saying.

    • Neopulse

      – Same 51-pt AF (with better performance)
      – D4 Sensor
      – 100% viewfinder
      – USB 3.0
      – Robust body with better weather sealing

      Get a D4s, Problem Solved

      • A64

        – D4s has USB2
        – .. and still the stupid XQD slot which is just another epic fail in general
        – price

        -> Problem not solved at all.

        • Neopulse

          Ah yes you’re right about the USB port. I guess they kept it like that
          because of the size of RAW files haven’t changed much. There is still
          wireless tethering that is good for it. And XQD is NOT stupid at all.
          Have used it with S-class Sony cards and it’s fast as hell better than
          CF had at the time and even now imo price/performance wise. And why
          complain about price? It is a pro body camera. If you want cheaper why
          not get a used one or just change bodies. If ALL it took was an XQD
          slot, price and USB 2.0 to turn you off then you should look somewhere

      • guest789

        The low price is what made D700 a huge success. D4s is way expensive.
        You missed the point.

        • Neopulse

          Times change… Plus there are people who still use a D700 for work and personal use. Why do you need the latest and greatest if you’re struggling money-wise?

          • umeshrw

            You sure are very rich. So rich as to not understand the concept of “saving money”. One thing is right though, Nikon has certainly shown us what the perfect mid tier camera was and now is paying the price by refusing to give people its successor.

            • Neopulse

              Not rich (although rich is a flexible term nowadays), and I don’t think they are refusing it necessarily. They did come out with cameras quite fast in the past couple of years. I think maybe the “successor” will be released as a last resort. Hey, they came out with a full-frame sensor in a D7000 body when the market cried out for it. Why would you think this would not come out then?

            • umeshrw

              Yes they did release quite a number of cameras but they also crippled them unnecessarily. If they hadn’t , just imagine how much sale nikon would have made in that time? As for D600 the pricing spoiled it all.

            • Neopulse

              Yeah,VERY true on the crippling part (buffer, aperture control, etc). And yeah they would have done amazing I agree.

            • Whatever

              The D800 costs less than $3k. Remind me what the D700’s MSRP was? Oh, yeah– $3k.

            • umeshrw

              This was a reply to OPs — Get a D4s, Problem Solved–

          • Sports

            You are missing the point, N, which is not about who needs what, or how rich you are.
            It’s about, what can Nikon do to make more people decide to buy their products?
            guest789 and others suggest that if they make attractive products at attractive prices, it’ll help.
            Is it hard to accept this very simple suggestion?

            • Neopulse

              Well, don’t know if you noticed this Sports, but Nikon doesn’t exactly make ONE kind of camera. They make several lines to please the vast majority. Believe it or not, I am understanding in that aspect. I deal with people often when it comes to acquiring and selling at a price they can afford. But that was then and this is now. Times change including prices on things. I think the D610 was the closest to a D700 successor as it will get. Is it so wrong to say that there won’t be a “true” successor at the “perfect price?”

          • guest789

            You really do not get the point. I am talking about an upgrade of the existing camera, D700. So, first of all, it HAS TO BE THE SAME PRICE. Think about cars. Every new year model is improved but the price stays the same: for the same money you get a better car. Here the same: I need a better camera for the same price. Please do not comment again on this point.
            D700 by no means a perfect camera: no backup card, not a 100% viewfinder, no video, USB 2.0. But the price is right for the guys like me and I can afford two of them to have peace of mind if anything wrong happens to the first body (that is how the missing backup card problem can be solved; also, having 24-70mm f2.8 and 70-200mm f.28 on two bodies is better than switching lenses on one body).
            So, how would you improve D700?
            Nikon tried to upgrade D700 by placing D4 sensor into DF and crippled its autofocus system by crowding focus point in the center. I need focus points all over the frame, at least as it is done in D700: this is a must for my type of shooting. I do not like the body either.
            That is why I say that by putting D4 sensor into D700 body and leaving the AF system intact would be a perfect upgrade for me.
            So, 6 years after the release of D700, we still have no upgrade for D700.
            I admired Nikon and its cameras two years ago, but not anymore. They have done too many bad decisions.
            Now I am waiting for Sony a7S. The only thing that would keep me from switching to a7S is its AF, which is slower than on D700 I guess. If I cannot take a picture of a playing child, I do not need such a camera (this is for Sony). And I need a keep ratio (in focus pictures) about 80%.

            • Harry

              The D700 and the D800 both had the same market launch price of $3000.

            • Neopulse

              Why wait for an a7s?

              – It’s 12 MP (just as the D700)

              – Single slot SD (not CF like the D700 so you have to buy new cards +$),

              – No real good lenses for it yet unless you buy a Nikon adapter that is if it’ll work well +$),

              – Micro USB port

              – AF is Contrast detection (as you mentioned) so it’s slower and less accurate

              Sony is not the answer, unless you get an A99, and that is better suited to your needs it seems with it’s 100+ AF points and decent fps.

        • Harry

          The D700 was introduced to the market at $3k USD, which relative to inflation, made the D800’s $3k price an absolute steal.

          Your point again?

    • rt-photography

      youre talking nonsense. youre a pro, get a pro camera. dont have money for a D4/s, get a D3s.
      D700/D3 limit is iso 6400. anything over that and you get crazy chroma noise. theres a reason why it says HI after 6400. I have the D3 and D3s. I know both of their limits.

      ur just a whining cheap ass. u want everything for nothing.either pay up or shut up.

      • smartypants

        Thank you,
        I’m sure that the same trolls would complain no matter what.
        Nikon makes very good cameras. A new D800 costs to much…buy it used……
        Still cost too much, then I’m sorry for you
        Millions of great photos a made each week with equipment that costs only a few hundred dollars.

        • rt-photography

          of course. I know wedding photogs who still use D300’s. D800 is expensive and is not a camera id buy for weddings. I had a D600 and the file sizes were way more than anyone needed. 12mp is enough to print a double spread for a wedding album. 16mp is perfect if a light crop is needed.

          this idiot above says “”My general expectation in DSLR advancement is decent IQ
          (Image Quality) at ISO 512K””

          that to me says it all that this guy is a douche any way you look at it. the D4s can shoot at 20000 iso but 512k? hey guest, youre an idiot and the douche of the year. congrats.

          simply hes a cheapskate who wants all the newest top tech features in a cheap $1500 body. some people, sheesh.

          • guest789

            I was talkng about an upgrade of D700 and a new camera. They are two independent points. Sony a7S ISO is 400K, if you missed it. Sony managed to squeze into a small body things that Nikon still does not deliver in a big DSLR body.

            Now your attitude. You need to read things slowly as your IQ allows it. If you do not get things first time, read it as many times as needed until you get it, otherwise do not open your mouse.
            So long, expensive ass. 🙂

            • rt-photography

              I know what you were saying you want a cheap d4s for cheap. If u like the sony go buy it. Anyway i see it youre just a cheapskate. This is my opinion but i would not shoot a wedding on a d700 as it has 1 memory slot. Its a disaster waiting to happen. But if youre a pro biy pro gear. Simple as that. Look in uour own plate. If your gear is nikon use nikon dont look at sony and canon and conpare. Tech with these companies always leap frog one another so one tine nikon has new tech the. Canon does. What do expect? That everytime someone comes with no tech, that nikon needs to immeditely come out with the same? Cheap pro using a d700 wanting a d4/s for $2k.

      • guest789

        Basically I was talking about an upgrade of D700, u r assh…

    • Harry

      Well, the D800 has USB 3. But seriously, just get what ever card reader you want and put the Compact Flash card in it?

      My *suspicion* is that USB2 was kept on the D4 as a means of holding down licensing costs. Not a terrible choice.

  • Mat Miller

    Don’t forget what Sigma is doing for lenses….

    • A64


      Giving the users a great fine-tune ability of focus (USB-dock) -> less service costs (due to warranty adjustments etc.) and meanwhile coming out with extraordinary lenses.

      Nevertheless I still think Nikon has to do something on the AF of the DSLR-s, Canon is way more ahead.

      • mikeswitz

        So why are Canon’s financials no better?

  • Maji

    Reading the comments, it sounds like most of Nikon’s problems will go away if only they release the successors for the D300 and D700. I think the problems go deeper… the industry is going through some tough times and the nature of photo taking medium (cameras vs. smart phones) are changing.

    • Joven

      No, they won’t. The only thing that will happen is the comment section on this site will be a lot less negative – or they’ll just find something else to complain about. I remember there being a post that showed the most purchased DSLRs, and a LARGE bulk of the cameras sales were in the class of the 70D/D7100 and down.

      Visiting this site will give this false sense of what Nikon is doing wrong, but the fact of the matter is camera sales across the board are down – both mirrorless and reflex. The fact of the matter is the market is stagnating. Could Nikon be doing better? Sure, but I’m willing to bet that sales would be dropping no matter what, but the question is to what degree.

      It’s nice to believe that a “D700 replacement” and a “D300s” replacement will make things all better, but they won’t, b/c Canon’s sales are dropping, too.

      • Maji

        Exactly my thoughts Joven… very well articulated.

  • FredBear

    There’s a lot of negative comments about Nikon’s camera/lens line-ups.
    Perhaps Admin could do a survey to see what the popularity of various choices might be?
    NR is a popular website and I guess that Nikon is watching but even so the information gleaned could be sent off to Nikon. Worth a shot looking at the negative nature of most comments as regards Nikon’s financial results and what they need to bolster them.
    This type of thing has been done before on other websites but based on the authors ‘choice’ of product – which is obviously biased.
    Perhaps those attending this forum would like to add there requirements to this comment (but don’t repeat an item if it already exists in a prior post – it’s not meant as a ‘voting system’).
    From my part:
    1) Missing camera: Small Mirrorless DX or FF.
    2) Missing Lens: 400 F4 or F5.6 FF prime.

    • Me

      >Perhaps Admin could do a survey to see what the popularity of various choices might be?

      Perhaps Admin could publish the IPs of the people screaming for D700 Mk2 so we can see that the “massive” demand is actually the result of two or three guys with sock puppet accounts.

  • Chris Weller

    I don’t pretend to know how to run a camera company. And I know people would still bitch if Nikon introduced a 12 fps 100 mp camera with noise free images at 204,000 iso for $700. People would complain that it wasn’t $600. Havind said that, it seems to me that Nikon has not satisfied the people that are their most important customers….their current customers.

    They seem to have wasted R and D, marketing and all kinds of other resources on cameras and lenses that their customers don’t need or want. There are 5 or 6 key products that I think would sell like crazy that they simply ignore.

    I think this company is run by people who have no idea what a focus group is and as a result will ultimately run themselves into the ground. It’s terribly unfortunate because, at the heart of their products, is wonderful design, ergonimics and technology. They just seem to fire at the wrong targets.

    I feel that any competent person could figure out what is needed in the US with just a bit of study. They just don’t seem to get it.

    • Chris Weller

      Just by way of example. Nikon could have increased their revenue by $5,000 last fiscal year from me alone by introducing a new 300 f/4 and a dxxx camera that could shoot more than 7 raw images without it’s buffer clogging.

      Instead they release numerous usless iterations of 18-xxx lenses. a 58 1.4 that almost no one will buy. Multiple interations of the low end dx cameras that won’t increase profits any more than just selling the 6 month old version of the same camera D3xxx line d5xxx line. Then fireselling the old versions. Something like 6 versions of the 1 series camera J series, S series, Aw series, all of which don’t sell and are vey marginally better then their predecesors….and the df which is and will continue to be a flop.

      Give us a trued d300 a true d700 replacement. Some fast zoom dx glass, a new 300 f/4 and few other easy to develop products and watch the customer base become loyal again. Seems pretty easy to me.

      • Manuela

        You are so right. I would add a 40mm/f2.8 pancake with a IQ matching the one from the reds.
        When you look at, D3xxx line sells best of all Nikons, so Nikon cannot be totally wrong with these.

  • Espen4u

    Time to hire some American or European management, like oly did.

    • Nikon User

      American, are you kidding?

  • jk

    well, the president of the imaging company has just resigned and I expect it becomes better this year.


    No D300s replacement and look what happens.

  • peppino

    They called it :”missed financial forecast”, I call it “D600 mess”

    • Mike Michel

      Oil spots is available in all nikon cameras i have found it in D610 over 60 spots in less than 1500 shots, and D800 and for sure in D7000 so D600 is just another failure.

  • Tomkyf

    Just an idea,
    I think the way of Sony and Olympus to built mirrorless cameras in SLR Like shape is the way. How many of Nikon fans (as me) would be ready to pay for mirrorless camera FM2 like :). In my opinion it would be a hit. DF concept is great but realization in such big and heavy body is far from market expectation. Dear Nikon, think about mirrorless FM/FM2 🙂

  • Polemides

    Plenty of things to fix in a D7200. Give it a 16-20 shot RAW buffer, Expeed 4, GPS and Wifi would make a compelling upgrade. And Nikon needs to fix it’s other flaws, like no live aperture in Live View etc.

  • Lamar Lamb

    I haven’t bought a Nikon lens or body since 2008 when I got
    my D300, at least not one that was manufactured after 1999. Nothing Nikon has created since then has had the feature set I want at a price point that makes me want to upgrade from my D300. The Df was close but it was just goofed up overall. The price needs to be lower and it’s just a weird contradiction in features without giving me all of them I want. The D800 is nice but I don’t need or want that much resolution and prefer not to pay a premium for something I don’t use or want. Then for DX, where are the good lenses, fast primes and constant zooms? I’ve now switched to Sigma for my normal DX lens, better optics at a lower price. Nikon isn’t offering what I want and based on the past couple of years I’m not sure I would purchase a new product from them without waiting for it to be thoroughly vetted out for a year or so. I’m looking hard at mirrorless for the time when I do upgrade but I still prefer optical finders.

    • Mike Michel

      Try nikon D610, it will solve all your needs at very good price.

      • Lamar Lamb

        I have considered it. I need the focus system to cover more of the frame for action shooting and even 51 points on a full frame is marginal for me since I’m used to shooting 51 points on a DX. I also need a separate AF-On and an AE-L button for my shooting style. I know the D610 can be reconfigured to something similar but it isn’t quite the same. The D7100 is actually a closer match for what i want than the D610 but since I already have a D300 and I don’t like giving up any features I’m still waiting………… The D800 actually comes the closest to right for me. If my D300 bit the dust I would replace it with a D800 but the D300 is still good enough and Nikon has given me no compelling reason yet to upgrade, or buy any new lenses.

        • All the right reasons, to be sure. Mike Michel has good intentions, but, like a lot of people, hasn’t used a professional camera and doesn’t see the advantages in one like the D300(s). I feel exactly as you do; there isn’t a truly compelling reason to give up the D300 unless you just HAVE to make huge prints or do a lot of shooting using the lights on your car’s dashboard.

  • Clubber Lang

    A Nikon I-phone would help.

  • fpapp

    I’m surprised that it hasn’t been mentioned yet, but another Issue killing Nikon imho is the poor customer service in the USA.

    I have read a lot of posts about the 24-70 2.8 lens problems that people have had, sending it in for service under warranty, and Nikon claiming “impact damage!”

    If I bought a $2000 lens that had problems, and experienced that kind of poor service, I would be furious!

    Another big turn off for me is the recent decision by Nikon to limit parts availability to authorized service centers only. I feel that if I own the camera, I should be able to purchase any part for it, and have it serviced by whomever I wish! (Canon makes parts available to it’s customers).

    Even with these problems, I don’t see myself switching brands since I have an extensive collection of Nikkor glass. A D300 & D700 update would be nice (I own both) but for me the cameras compliment each other very well (same batteries, same grip) and I don’t feel a pressing need to upgrade for a while!

    To Nikon: Please have a little more respect for your customers spending hard earned money on your products!

  • Ernesto Quintero

    Nikon seems to be lead by a bunch of mental dinosaurs like GM. Stuck on old management style, constantly looking back at 20-30 years to seek glory again. Saturn was a great outside the box division that was making the old behemoth look like bad.

  • If we see a further decline in the JPY (Yen), it will be interesting how the profit numbers change. New management will take a while to shift the company in another direction. To me this suggests a year with few changes, then maybe some new ideas. I wonder how many potential products, now in development, will be cut. Of course, in order for shares to be sold, someone needs to be buying. Who is buying Nikon shares now?

    We could see some companies drop product lines, or leave some areas of the global camera market. The may leave Nikon and Canon in better shape, just by filling some gaps. Perhaps we will see more mergers in the future.

    Smartphones are likely to see improving cameras over the next few years, as that market segment has become saturated in some regions. This will put more pressure on compact cameras. It’s funny how smartphones users accept limited control on smartphone cameras. Can camera makers achieve smartphone level ease of use, without enthusiasts on the internet bashing those cameras? Connectivity is another smartphone feature that end users enjoy, so I would expect more of that in compact cameras, though I expect compact camera sales to continue to decline.

  • D800 user

    The D800 shoots four FPS. The D700 shoots five. How many more years of whining must be endure?

    • D800 is 36mp, D700 is 12mp. How many more years of ignorant consumers must b(w)e endure?

  • Fourtis

    It’s normal for a company that doesn’t listen to its customers wishes (long expected D400, drop of Capture NX2, no erratic development policy) and is led only by finance and not by industry. The finanancial managment has only a limited time of life so has the company.
    It’s sad to say et I regret it but Nikon is on the decline and reaches the end.

  • riskinhos

    it’s not rocket science.

    -open source cameras. allow all software hacks and still have warranty..
    -lens firmware updates via usb adapter.
    -no retarded wifi adapters that cost thousands.
    -built in gps and wifi as standard
    -proper mirrorless cameras like nikon DF without being crippled at decent prices.
    -D300s replacement.
    -much cheaper prices.
    -end of retard nikon 1 line with shitty sensors that no one wants.
    -innovate things like built in ibis.
    -global warranty for all products everywhere in the world.
    -proper costumer communication with timeline releases for new products.
    -customer feedback.
    -hire me for ceo since even I know how to increase profits.

    • whisky

      “end of retard nikon 1 line with shitty sensors that no one wants.”

      it’s not the sensor, but how Nikon uses it. people like the fastest AF performance of any camera currently on the market; they like a wide array of exceptional native glass at a fraction of the size of larger sensor cameras; and they enjoy compatibility and extensibility with the Dx/Fx family of glass and DSLR’s.

      indeed, many people would want that. however they want it designed and delivered in a manner which dovetails into their existing systems and workflows.

      • riskinhos

        last time I checked there were many mirrrorless apc-s cameras with much better sensors and and AF speed at the same size and weight from other brands for the same price.
        there’s a thing called competition. nikon should learn what it means. monkeys managing nikon would do a better job.

  • Zohar

    Yeah, surprising..
    Nikon DF or should we call it Nikon WDF! D4 + D4s QXD experiments, green monitor, quick focus changing button gone. D600 oil on sensor saga, still no D700 decent replacement like Canon 5D3.
    Nikon 58mm 1.4, 35mm 1.4 and 85 1.4 all fail to make the balance between sharpness and Bokeh, all not sharp enough to use on the D800.

    So let us ask the the boys at Nikon, what happened?
    What went wrong?

    I wish they keep failing until they fix, at list the cameras disgrace!
    Why do we have to look over our shoulders and see Canon 7D and 5D3 and 1DX without an answer from out Yellow team?


    • Zohar

      Oh, and the mirrorless Nikon 1 joke with the tiny sensor.. don’t get me started.
      Not even talking about the ugly menus in all the P&S camera. If a customer asks me I will never recommend a Nikon p&s, usually it will be a Canon

    • In fairness, the D300s is only one month older than the 7D.

  • KnightPhoto

    Not one comment about the upcoming D800S from the D700-crowd? Wow!

    EXPEED4 is said to be 50% faster than EXPEED3. A 6fps D800S that does 7.5fps in 1.2 crop mode pretty much kills ANY need for a D700 replacement.

    • Manuela

      I fully agree.

      • Manuela

        Look at For each Nikon DSLR in the top 100 Canon has two, up to rank 15.

        • Whatever

          Canon is at least three times larger than Nikon. This is hardly surprising.

    • Yeah, that’s pretty much correct. But the devil is in the details – and they have to really execute well on the concept.

    • bgbs

      D800s would become the official D700 replacement after six years if it provides gains in a few areas. But if Nikon screws up on the price like it has on Nikon1, then we have a problem.

  • Stanojev

    Maybe someone at Nikon is listening now that they are in
    trouble, so I’ll add my own personal view on this – if we had fast primes for
    DX you probably wouldn’t be losing so many customers, Nikon. You aren’t the
    only ones out there and my DX collection of lenses is useless on FX so I’m not
    going to upgrade to that just because you think that’s the logical thing for me
    to do. The logical thing for me to do is buy the lenses that I need for the
    system that I have. Failing that, I’ll find a system that has what I need.

  • neonspark

    Keep making cameras people don’t want to buy: Nikon 1. Keep NOT making cameras people want to buy: Full/Crop frame mirrorless.
    what do you expect nikon?

  • phantasm

    Here is a simple solution – just bring back the D700. Even if you don’t update it in any way, it will sell better than either the D610 or D800 (perhaps even combined).

    Has anyone else noticed that their financial numbers started to decline right around the time supplies of the D700 started to dry up? Perhaps its not related, but I would venture to say, that the D700 was one of their most popular professional cameras.

    • Harry

      Bring back 2008-era technology. That’s your brilliant idea.

      You have GOT to be kidding.

      • phantasm

        Like their 2014-era technology has just been flying off the shelves.

        Like it or not, the D700 is still a better value than the D600/D610 fiasco they tried replacing it with.

        • mikeswitz

          You seriously have no idea, do you?

          • phantasm

            Yeah, Sherlock, only you can solve all the mysteries.

        • The D800 replaced the D700. D600/D610 are entry-level full frame cameras just like the 6D. Until 2012 there wasn’t that category.

    • mikeswitz

      Yes folks, another candidate for Nikon CEO. Keep ’em coming!

      • phantasm

        Yup, at least I would be turning a profit. What is the current guy been up?

        • mikeswitz

          If you actually read the financial report you would know that Nikon is turning a pretty substantial profit, Mr Phantasm. If only Nikon management knew you were available, I’m sure they would jump at the chance to get you on board!

          • phantasm

            So, let me get this straight, sales are down, but profits are up because you managed to cut cost, and you think that’s great news? Funny, if the CEO thought that was something to celebrate I don’t think he would be reorganizing the company.

            • mikeswitz

              No, let ME get this straight. You said “Yup, at least I would be turning a profit. What is the current guy been up?” meaning you had not read the financial report. I didn’t say it was great news for Nikon I just said you are an idiot.

        • neversink

          Read the financial statement Mr. CEO!!!!! They missed their estimates, but still had a profit!!!! Nikon would be suffering a lot more if it hadn’t developed the D800 and D4. Great cameras. I love working with them. Both are so much better than my old D700.
          And if Nikon had decided that the D700 was as far as they could go technically, then Canon would have taken tons of market share from Nikon. That didn’t happen. Camera sales are down worldwide.

    • Manuela

      I had a D700 and sold it after buying a D800E, and I did not wish back my D700 until today, I surely never will. And do you know the most popular DSLRs of Nikon? These are definitely not the professional ones. So, really brilliant idea…

  • Brian Collins

    I’d offer that Nikon’s marketing is seriously off point. Ashton Kutcher as a spokesperson, a hipster aimed product with a fine but perceived “that is so yesterday” sensor, stupid teaser campaigns that annoy rather than excite… Until they tame their message, the products will not reach consumers at the level they desire.

  • neversink

    OK – I wonder, since all the bad news is in, if this might be a perfect time to pick up some Nikon stock. Any financial wizards out there???

    • as far as I know, Nikon stock is not traded on the NYSE

      • neversink

        No- it’s not traded on the NYSE, however you can pick up NINOY as an ADR on the pink sheets, but the trading volume is low. It’s near the year low and today’s volume so far is a mere 3,000 shares, so you can almost be your own market maker.

        Take a look.
        Last15.10 Chg-0.60
        Bid15.09 Ask15.15Shares– Size2 x 2Net Delta0.00 Vol3,300Open15.15 Avg VolHigh15.20 Pos Val0.00Low14.85 ExchPink OTC Markets IncDiv Amt– Ex-Date

        I copied this at around 8:35pm Kenya time, or 1:35 pm NY time. Volume is crazy low. certainly not a day traders stock. At least not in the US. Wonder how much volume there is in the Japanese markets on an average day.

    • catinhat

      Stupid question: do you see any particular reason it will go up?

      • neversink

        Sure. It’s not that Nikon is a failing company. I’m not a stock guru, that’s why I asked if anyone who is astute in the market could make sense of where Nikon stock is heading.
        However, I like to follow the market from time to time, and whenever a company falls off the cliff for not meeting estimates, talks about restructuring, stocks can have a rebound. Has Nikon hit bottom. I have no idea. But it’s apparent they aren’t going out of business. The troublesome part is that the future predictions for camera equipment is negative for next year. That may be why the stock tumbled, along with the miss in profits.
        So, I ask, stupidly, if one thinks Nikon stock is worth purchasing at this point.
        Again, it’s not as if Nikon is going out of business. So, over time, if things look better, people might start picking up the stock and who knows.
        I’m not advocated buying or selling the stock, just curious as to what people think. Sorry for asking a stupid question. ;–}

  • The whole camera market is going down since last year and that’s a fact. In Europe there is still the crisis looming and a 500 million consumer market (with good income) is a big market for every business.
    Compact cameras are not selling well (some producers will stop manufacturing them) because of the cell phones cameras that are manufactured by companies that don’t have a serious camera buisiness (even Samsung fits in this category).
    Nikon is having issues because is mainly a camera company (unlike Canon). On the other hand, as a former Nikon user (D60/D90) I can tell you that a lot of guys around me moved to Canon (I now have the 6D). Why? Simple. For me it was the D600 that made me change my mind before going full frame. The spot issue turned me off. The built quality of the D90 wasn’t brilliant either (some rubber parts went off several times) and the fact that Made in China and Thailand is something that we see much and much often from Nikon was another big issue for me (unlike Canon Japan products).

    Nikon needs a very good replacement for the D300 (they have to listen to users like Fuji does) and have beter QC and built for the products that are the bulk of their sales. D800 and D4 are great but they are not in that category.

  • vwking

    Maybe Nikon can look at what contemporary mass camera buyers prefer? One of the clear successes has got to be the GoPro. Its a camera that gets what people want with the minimum of intrusion into their lifestyles. It needs nearly no learning. Convenient to deploy. Go anywhere and anytime. Its every teenage boy’s dream camera. Its a statement of who they are. Kind of like a Leica M to many of the older generation. And, they are affordable to the Kia Soul crowd. Identity sells.

    Second, the whole idea behind Instagram is about expressing moods. Not image accuracy. I think the Series 1 is trying too hard to appeal to people like me who shoot with D4, D800 and Df. Can the Series 1 platform be easily transformed to compete with the likes of Lomography, Lensbaby, Bonzart Ampel, and the new OTTO? Need to bring in fun designs and engaging interactions. Like a the crank on the OTTO. Don’t know how successful Fuji is with the INSTAX, but its got the general idea. I think people are looking for “character”, not analytically correct images. Give them distortion, vignetting, chroma noise,… Give them “identity”.

    Finally, the human interface is of immense importance. Smartphone cameras have two distinctive advantages: they are always in your pocket, and the touchscreen interface needs very little learning. You just point and shoot. You then choose the app to “massage” the image to express your mood. If the new Leica T 701 isn’t so unaffordably expensive to the general public, that well thought out touchscreen interface alone will likely become a huge draw.

  • Peter

    i’m going to upgrade from D90 to Sony 7R

  • King Jefferson

    When Nikon started listening to the newly hatched Marketing MBA’s instead of the senior employees and the photographers they supported for over 20 years, the decline began.
    While Kimura-san was a brilliant manager and made huge strides while running Nikon USA, when he returned to Japan and the panicky film department folks realized the end was in sight for their beloved f series cameras ( and film for that matter) the decline went into a full blow spiral.
    Fine..sell a million units to w-mart, but try to find the cash to run the support/service they would need.
    IMHO Nikon’s biggest mistake ( besides using ashton as a spokesperson in the US market)) was not understanding where the money in markets is. Not in the twenty something’s living in mom’s basement. It was the 40 and fifty year old Nikon customers that wanted the cameras they could finally ( not afford).
    Unfortunate as some of the most brilliant engineers I have ever encountered started leaving Nikon in numbers over the last ten years.
    The US offices, where some really great tech came out of are now relegated to being the pinkman pals for other software companies. When the author of the original Nikon capture left the company, other senior employees followed. It could and should have been great. Now it’s just a fond memory(mostly) of riding the razors edge.
    Management just stood there while this brain drain was going on.
    The entire progress of digital has terribly hurt the art of photography, the same way that semi automatic shotguns made hunting less sport and more chance.
    Instead of carefully considering light , subject and composure, most modern day folks behind the lens rattle off as many shots as a 16gb card will hold in hopes of hitting that one click jackpot of a decent picture.
    it’s all about quantity now and Nikon doesn’t seem to fit into that mold anymore..not that they should, but we’re dangerously close to saturation in the digital market and I predict within the next 5 years there are going to be some surprising shakeouts in the industry.(not that Kodak going out was the biggest anti-surprise of all-we knew they were doomed when the had the spectacular QA fail on their first full frame products and didn’t seem to grasp that film was dying until it was way too late))
    Nikon didn’t need to sell a gillion units they need to sell high quality bodies and glass and leave the Coolpix line behind with the pile of 386/486 Pentium II’s in the scrapyard

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