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New Fujifilm Financial Results: Instax Declines, Mirrorless Suffers Severe Market Conditions, Solid Fujifilm GFX100 and X-Pro3 Sales

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Last week, Fujifilm published their report for the 3rd quarter of the 2020 fiscal year (October to December 2019 – we remind you that the Japanese fiscal year ends on the 31th of March).

This report confirms the trend we saw in the previous report of November 2019: the Instax hype is slowing down, mirrorless is suffering under severe market conditions, and overall revenue and operating incomings decreased.

But Fujifilm is not alone. As we reported here, recently all camera manufacturers reported loss in their imaging division.

The only positive note comes from the Fujifilm GFX100 and Fujifilm X-Pro3, which enjoyed “solid sales“.

The sales were solid for FUJIFILM GFX100, a mirrorless digital camera equipped with a large format sensor with the world’s highest 102 million pixels resolution, and FUJIFILM X-Pro3, a flagship model of the X series launched in November 2019.

In the Imaging Solutions segment, though revenue decreased compared to the previous fiscal year, and operating income also decreased compared to the previous fiscal year due to such factors as a decline in revenue and effect of exchange rate.

Down below you can see the summary of the report as well as screenshots.

Report Summary

In the photo imaging business, revenue decreased due to such factors as declined sales of photographic paper and inventory adjustments of instant photo systems at some U.S. retailers in the first half of the fiscal year. In instant business, the sales was affected by a decrease in demand after the consumption tax increase in Japan. In the U.S. and Europe, though sell-in decreased to adjust market inventory in Q3, sell-through at main retailers increased during the year-end shopping season including Xmas compared to the previous year. We are aiming to expand sales mainly with attractive new products such as instax mini LiPlay and instax mini Link, a printer for smartphones.

In the electronic imaging business, revenue decreased from the previous fiscal year mainly due to a decline in the sales of entry-level mirrorless digital cameras under severe market conditions. The sales were solid for FUJIFILM GFX100, a mirrorless digital camera equipped with a large format sensor with the world’s highest 102 million pixels resolution, and FUJIFILM X-Pro3, a flagship model of the X series launched in November 2019. We are aiming to expand sales of new products such as FUJIFILM X-T200 to be launched this month.

In the optical device business, revenue decreased, reflecting a declined demand for various industrial use lenses such as on-vehicle lenses due to the economic slowdown in China. Fujifilm is enhancing a line-up of new products for business growth, such as FUJIFILM PROJECTOR Z5000, which combined optical technologies of FUJINON Lenses, and 4K Premier series, the world’s first 4K‐compatible broadcast lens with an AF function to be launched in March 2020.

In the Imaging Solutions segment, though revenue decreased compared to the previous fiscal year, and operating income also decreased compared to the previous fiscal year due to such factors as a decline in revenue and effect of exchange rate, we will enhance the sales further by providing products with competitive advantages utilizing our unique technologies, and by running effective promotions to achieve a performance target.

Documents:

  • 3rd Quarter ended December 31, 2019 Earnings Presentation – PDF here
  • Earnings Presentation (transcript attached) – PDF here
  • Growth Strategy for Document Business – PDF here
  • Growth Strategy for Document Business (transcript attached) – PDF here
  • Main Responses to Queries – PDF here
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