The coronavirus pandemic has hit the world economy in a tough way. If we talk about the average consumer spending, then the curve has shifted more products which can be used indoors. It has resulted in the sales of outdoor use gadgets to a bare minimum. There was absolutely no need for purchasing equipment like outdoor cameras, automobiles even the fashion items sold bare minimum during the days of lockdown.
As such even post lockdown when the world’s economy is starting to rise on its feet again these businesses seem to have still taken a major hit. As such major disappointing news has surfaced online. Recently, Nikon Corp. has announced its plan of reducing about 2,000 of its employees. The number amounts to a total of 10% of its workforce. The reason is anybody’s guess, it’s due to a slump in its core camera business which is brought forth by the pandemic.
Another major factor was brought forth due to the performance of its semiconductor supplier intel. The chipmaker couldn’t perform well or deliver the latest cutting edge chipsets to Nikon.
According to sources, the company is now planning to move its camera production to Thailand and also wants to discontinue domestic output. The company stated of enduring an operating loss of 26.1 billion yen ($251 million) for the second quarter compared with analysts’ estimates of a loss of 20.3 billion yen.
This is not the first company to have been suffering through the pandemic. We have already seen OneWeb almost going bankrupt due to the pandemic, though it has now been resurrected by the support from the UK administration.