Industry Rumors: Coronavirus can be final blow for camera industry

Vitaliy_Kiselev

@stonebat

Hard to upset, but:

Estimated Apple sales drop is around 36%, some give bigger numbers
Samsung smartphoens manufacturing reduced by around 60%

Vitaliy_Kiselev

Companies estimates condireding renevue drop

Vitaliy_Kiselev

US sales in march already down 64%

MikeLinn

Vitaliy_Kiselev

If nothing will change in very positive way - up to 90% of all US based staff of 4 major camera brands will be fired.

Japanese firms now hold meetings on how to mostly eliminate local staff to save on expenses. They also can focus mostly on online shops and cut offline dealers/distributors also in June/July.

Vitaliy_Kiselev

Vitaliy_Kiselev

Canon nice results

Vitaliy_Kiselev

Vitaliy_Kiselev

Nikon follow Olympus

This is to announce that NIKON CORPORATION (hereinafter “the Company”) has decided to postpone the announcement of its financial results for the fiscal year ended March 31, 2020, which was originally scheduled for May 12, 2020.

The Company has been preparing to announce its financial results for the fiscal year ended March 31, 2020 while ensuring the safety of its employees and other relative parties including those engaging in audit by taking measures such as remote work of its employees during the spread of COVID-19. However, consolidated accounting procedures including accounting procedures for subsidiaries residing in Japan and overseas, and audit procedures are expected to take longer than originally scheduled. Therefore, the announcement of financial results for the fiscal year ended March 31, 2020 will be postponed.

They hope that delay will save them, not, it won't.

Vitaliy_Kiselev

Global smartphone shipments are expected to contract by 15% on year to 1.15 billion units in 2020.

I hope for 30%.

Vitaliy_Kiselev

Vitaliy_Kiselev

Henry’s, the largest photography retailer in Canada, has announced that it will shutter 7 of its 29 physical stores in a strategic restructuring designed to help it survive in a “post-pandemic world.”

“The effect of COVID-19 on the economy is unprecedented,” CEO Gillian Stein says in a press release. “The Canadian retail industry has been one of the hardest hit sectors and Henry’s has felt a dramatic impact. We closed our brick-and-mortar locations to keep our customers and employees safe due to the pandemic, which resulted in a significant impact to sales while still bearing the ongoing operating costs.

Vitaliy_Kiselev

Technology group Toshiba will begin a four-day workweek in June for employees on the plant floor, giving them one more day in exchange for longer hours while on site, maintaining the annual work hours.

It is part of a broader effort to help contain the spread of the coronavirus by shrinking the number of people coming to work and reducing the exposure to risk through less commuting.

Of course it is not related to any coronavirus prevention, but more to the survival during hard times. So they will be able to cut salary if required also.

Vitaliy_Kiselev

B&H Photo & Electronics furloughed hundreds of employees this week — a move the iconic retailer had resisted for more than a month after its megastore in Manhattan was forced to shutter because of the coronavirus lockdown, The Post has learned.

The 47-year-old electronics seller — whose Manhattan flagship is known for its Orthodox Jewish staff and the elaborate conveyor-belt system that moves merchandise around the shop — furloughed about 400 of its 2,000 employees on Wednesday, sources close to the company said.

In a memo to affected employees, human resources director Izzy Friedman said B&H “waited as long as possible” before making the cuts, and noted the company had been paying and providing benefits for affected workers “through the Passover holiday break, and beyond to make this easier.”

B&H was likewise waiting to “evaluate the various stimulus benefits available,” but was forced in the end to furlough workers because the “crisis has continued with no clear end in sight,” Friedman added.

The furloughs came as a surprise to one B&H staffer, who said the company’s call center, which takes orders from customers across the US, has been “busy as hell” fielding demand for “computers, movie cameras and accessories for setting up a home office” as COVID-19 forces millions nationwide to work from home.

Capitalism is always the same, they calculated that remaining people can do the job if working little harder.

Vitaliy_Kiselev

Vitaliy_Kiselev

"Our Key First Look Data indicates a sharp decline in iPhone sales in April (-77% y/y, -56% m/m), which reflects the first full month that Apple brick-and-mortar stores were fully closed," analyst John Vinh wrote.

Nice.

Vitaliy_Kiselev

Some of my sources in dealers circles

Olympus leads sales fall in EU and US, it reached 97% in some areas
Pentax is close, in one area that had 98% fall, overall is is around 90%
Panasonic comes third, L mount FF bodies sales drop is staggering, some areas >85%
Nikon is next with 60-70% fall
Canon and Sony are best, in some areas they are even above 60% drop slightly.

Vitaliy_Kiselev

Nikon statement

Notice Regarding Recognition of Extraordinary Losses and Reversal of Deferred Tax Assets in Non-Consolidated Financial Statements

NIKON CORPORATION (hereinafter “the Company”) expects to post extraordinary losses and to reverse a part of deferred tax assets in its non-consolidated financial statements, which are prepared in accordance with Japanese GAAP, for the fiscal year ended March 31, 2020.

Using the future plan that reflects the impact and more caused by the spread of COVID-19 to business activities, the Company has assessed an indication that fixed assets may be impaired, performed valuation of financial assets, and examined the recoverability of deferred tax assets.

As a result, the Company has decided to post an impairment loss of 5.7 billion yen for the fixed assets held by Imaging Product Business. And for Nikon Metrology NV, the Company’s consolidated subsidiary, a loss on valuation of the investments in subsidiaries and affiliates and provision for loss on business of subsidiaries and affiliates will be recognized 6.7 billion yen and 9.2 billion yen, respectively. The Company has also decided to reverse a part of deferred tax assets and post deferred tax expenses of 20.6 billion yen. However, the losses associated with the subsidiary mentioned above will have no impact on the consolidated financial results, as those losses will be eliminated in the consolidated financial statements.

Vitaliy_Kiselev

Bad PR move by Sony, extending something cirtual as no one uses it now and most won't in coming months.

Sony still has big issues with pro support as it can't match standards set by competition still.

Sony PRO Support extended by six months for customers due to global conditions>

As a PRO Support member, you are among our most loyal customers and we want you to know how much we value you being part of Sony’s Imaging family.

With the current global situation, we are taking steps to ensure we are supporting all of our customers during these difficult times. For all Pro Support members like yourself, we are automatically extending membership for an additional 6 months, free of charge.

IronFilm

An American friend of mine made this video about the film industry, and how shutting down our "non-essential" industry impacts jobs across the wider economy and not just us in the film industry.

Vitaliy_Kiselev

@IronFilm

The Foundation for Economic Education (FEE) is a libertarian economic think-tank dedicated to the "economic, ethical and legal principles of a free society."

Wow, best organizations making "top" content. About reality that don't match their ideas.

Ludwig von Mises (1881–1973) taught in Vienna and New York and served as a close adviser to the Foundation for Economic Education.

And here we have our beloved Austrian guys, always glad to see them waiting to implement their fascist (err, to be politically correct they now use "libertarian" word) ideas. They had been thrown out after mainstream in 30es and now try to return, but always had money from special anti-communist financing programs.

Issue is that we have lot of PV topics about censorship preparations, issues with economics, issues with resources, issues with semiconductors business and so on (and general big coronavirus topic).

And it is seems too fit, as no other way US could issue huge multi trillion support packages to try to delay debt issues (and keep inflation broken stock market). No other way China could tell why life is no longer improving fast, and so on.

Film industry is important, but as ruling class fights for sole existance in that could become their last fight - it is not so important, as hundreds of millions of other workers. As they all represent opposite, opressed class.

Vitaliy_Kiselev

https://sonyreconsidered.com/sony-q4-fy19-reveals-all-time-low-alpha-camera-sales-of-400k-12976c4b4705

MikeLinn

Vitaliy_Kiselev

In April Japanese sales dropped by 75% compared to April 2019.

Japanese resources are all patriotic, so they report non real market shares Canon (20.4%), Sony (24.5%), and Olympus (25.8%), hoping to save Olympus that is in terminal condition.

Olympus sales fall is largest in biggest and richest world regions, only in Asia it is not so bad mostly due to big dicsounts and quite good dealers remaining (they cut almost all of good people in the west).

Vitaliy_Kiselev

Positive news - reopening of Nikon service centers in UK

Nikon’s top priority is the safety of its customers, employees and the communities we serve. Having closely monitored the updated government advice, we have now re-opened our service centre. We are observing all guidance provided to us, ensuring that we are following the 2 metres social distancing guidelines at all times, making our workspace safe for our employees and your equipment, whilst in our care.

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