Olympus cuts profit forecast, expects camera loss

Olympus cut its operating profit forecast by 24 percent on an expected loss at its camera unit, BusinessWeek reports.

Operating profit will be $478 million in the year ending March; the camera unit is expected to report a loss of 8 billion yen in the current fiscal year, compared with its previous forecast of a 1 billion yen profit, as the compact camera market is shrinking, the Tokyo-based company said. “The compact camera market is shrinking rapidly because people are switching to smartphones.”

Olympus cut its full-year sales forecast for digital cameras by 11 percent to 7.3 million units.

The full report is here.

 

About Paul Worthington

Paul Worthington is a journalist and consumer imaging consultant. He produces the annual Future Imaging Summit at PMA@CES, and writes for PMA Newsline and PMA Magazine, as well as other publications.