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Nikon Stock Down 15% After Announcement of Financial Losses
By Ian Bongso-Seldrup, February 14, 2017 @ 11:20 PM (EST)
Source: Nikon Rumors

After releasing a slew of negative reports on Monday, Nikon’s stock fell almost 15% in trading the following day, before slowly recovering. The news is the latest blow for the Japanese imaging giant, which issued various statements warning of “extraordinary” financial losses as well as “company-wide restructuring” to accompany a revised financial forecast.

One report said: “In accordance with this restructuring, the Group recorded extraordinary loss of 29,790 million yen [US$260 million], mainly incurred from inventory write-downs/write-off in Semiconductor Lithography Business, as restructuring expenses for the nine months ended December 31, 2016.”

Nikon reported a net loss 831 million yen [US$7 million] for the nine months ended December 31, 2016 compared to a profit of 18.71 billion yen [US$164 million] the previous year. This was accompanied by a 67% increase in nine-month operating income and an 8% drop in net sales, with the report citing a “sluggish and shrinking” digital camera market.

On the same day as the company announced its financial problems, Nikon officially killed off the planned DL series compacts, admitting that development costs had become too large to continue.



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