Today Nikon released their third quarter financial results and financial estimation for the year ending March 31, 2013. Here is the recap from Bloomberg:
- Camera price declines prompted a cut in Nikon’s annual profit forecast. Junichi Itoh, Nikon’s CFO said this: “Tough competition for entry-level single-lens-reflex models has led to a large price decline since around mid- November. Demand in Europe is starting to slow, while business in China was worse than expected the past quarter”
- Nikon’s net income will probably be 38 billion yen ($405 million) for the year – 37% less than the previously forecasted 60 billion yen.
- Nikon also cut its second-half dividend estimate to 12 yen per share, down from 22 yen.
Update: as a result of the latest financial results, the stock of Nikon Corp. fell 19% – the biggest drop since 1985.
