Nikon cuts prices as smartphone sales increase

By IVCPOST Staff Reporter

Sep 23, 2013 07:17 AM EDT

Camera maker Nikon had reduced the prices of its cameras. The price slash came in the wake of smartphone makers introducing 41-megapixel cameras that are equally good or even better than leading digital cameras. The Inquisitr reported that Canon, the top camera manufacturer, could also cut its prices. The news website also gave an example of Nikon's price drop. Its J2 model which was introduced a year ago now retailed for USD 240. This represented a 64% reduction of J2's original market price.

SMBC Nikko Securities Analyst Hirosuke Takayama said, "Camera makers need to seek a new growth driver."

In August this year, Nikon reported that it had missed regional sales targets around the world. The Japanese camera maker said it experienced a drop in its sales by JPY 2.5 billion as well as a reduction of its operating income by JPY 5.1 billion. Sales of its compact cameras had also plunged by 30%. 

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