It would be an understatement to say that Olympus has had quite a year.
But now that the Japanese conglomerate has finished spinning off its imaging division, we’re getting a better look at just how bad Olympus has fared over the past several years.
Previously it was reported that Olympus lost some $USD 1.2 billion on its imaging division. Now that the company is wrapping everything up with that, they’ve tacked on another $USD 500 million representing an additional loss for 2021.
Photo Rumors quotes Olympus’ latest report, ““We expect to record a loss for the current fiscal year due to expenses related to the divestiture of the Imaging business…Total loss of ¥5.5 billion is expected due to the loss associated with the divestiture of the Imaging Business.”
Outside of that, Olympus also detailed how they’re going about prepping the imaging division for a spin-off. Employee numbers in Japan were cut by some 30% and capital expenditures fell by half during that same period (March 31, 2020, and September 30, 2020). Research and development expenses also fell by 30%.
The back-and-forth drama about whether or not Olympus would actually withdraw from the camera market was a constant feature of this blog a few months back and, once the inevitable was finally announced, it’s been somewhat anticlimactic since. That’s probably because Olympus’ problems are not unique. If you’ve missed our reporting on the issues facing the camera industry, you can check them out here.
What do you think of Olympus’ spin-off of its imaging division? Were you a fan of the company’s products? How do you feel about the future of Olympus’ former division? Let us know your thoughts in the comments section below if you like.
Be sure to check out our other photography news articles on Light Stalking at this link right here.
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