Industry News

Canon posts first quarter of 2020 financial results

Canon has posted their first quarter of 2020 financial results, as expected, COVID-19 has impacted their businesses across the board.

From Canon:

In the first quarter, amid ongoing camera market contraction, we posted a significant drop in revenue. This was due to a shortage of products linked to supply-chain issues that arose in connection with COVID-19.

Going forward, we will make every effort to minimize the sales impact, carrying out flexible parts procurement that takes into consideration the operating status of suppliers and clarifying our priorities as it relates to the production of each model.

In addition to the impact on supply, sales of interchangeable-lens cameras were also greatly affected. One after another, life events were canceled or postponed and chances to use cameras decreased. In addition to this, we believe it will take time to see a recovery in the demand for cameras, which are considered luxury items, even after the global economic turmoil has subsided. As a result, we expect the rate of the market contraction in 2020 to exceed that of 2019.

Despite the difficult business environment, we will steadily push forward our strategy that focuses on models for professionals and advanced-amateurs to maintain medium- to long- term profitability.

In the first quarter of this year, we announced the development of a new full-frame mirrorless camera, the EOS R5. This camera has garnered high acclaim from the market for its advanced features since being announced. In addition to 8K video shooting with an interchangeable- lens camera, the EOS R5 also realizes a further improvement in image stabilization by taking the image stabilization mechanisms typically found in lenses, integrating them into the camera body, and fully coordinating the system from both sides. It is a powerful new product that provides a revolutionary shooting experience for all still images and video users.

On top of this, we will work to enhance our lineup of dedicated full-frame mirrorless camera lenses, bringing the total to 19 with the launch of nine new models this year. We will also launch popular price range products, an area where we were not able to sufficiently cover up-to-now. Through this and the significant expansion of our lens selection, we will expand sales of camera bodies and stimulate demand for full-frame mirrorless cameras.

For compact cameras as well, even amid an accelerated market contraction in 2020 due to the impact of COVID-19, we will work to raise profitability, focusing on selling high margin G series models.

You can see the rest of Canon’s first quarter of 2020 results here

koch1948

EOS-1D X Mark III
Oct 8, 2019
40
31
Canon also referenced the G series models. Maybe they will update the series with a PowerShot G9 X Mark III.
 

vjlex

EOS R5
Oct 15, 2011
396
302
Osaka, Japan
Despite the difficult business environment, we will steadily push forward our strategy that focuses on models for professionals and advanced-amateurs to maintain medium- to long- term profitability.
Glad to hear this. Sounds like they plan to charge ahead. I think that's the best strategy.
 

Stig Nygaard

7DII & G5XII
CR Pro
Jul 10, 2013
67
98
Copenhagen
www.flickr.com
I see they referenced the R5 announcement, which has yet to be announced :D

They made a reference to the "development announcement":

announced the development of a new full-frame mirrorless camera, the EOS R5

The development announcement was in February:
 

blackcoffee17

EOS RP
Sep 17, 2014
506
547
How many RF lenses were introduced this year? I only recall the 100-500 and 24-105. I am not sure if Canon counts the 2 teleconverters as lenses.
Does that mean there are still 7 RF lenses to announce?
 
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tiggy@mac.com

R5
CR Pro
Jan 20, 2014
625
455
Thetford, VT
www.camnostic.com
I think you guys are misinterpreting the "popular price range" section of their statement. It's not low-end bodies that refers to, but rather cheaper lenses. Both before and after that phrase, they're still talking about lenses.

What this means is we'll get a bunch of RF non-L options. This may take up a good number of those mentioned 9 slots.
 

unfocused

EOS-1D X Mark III
Jul 20, 2010
5,708
2,696
67
Springfield, IL
www.mgordoncommunications.com
I'm concerned about that "flexible parts procurement" reference. If they mean finding alternative suppliers outside of China, it could be a good thing. If it means outsourcing components that are produced in Japan that could be a bad thing. I also worry because if they are outsourcing to multiple suppliers it becomes harder to maintain consistent quality control.
 

Mistral75

EOS 90D
Oct 13, 2013
106
41
How many RF lenses were introduced this year? I only recall the 100-500 and 24-105. I am not sure if Canon counts the 2 teleconverters as lenses.
Does that mean there are still 7 RF lenses to announce?
  • RF 24-105mm f/4-7.1 IS STM (announced)
  • RF 100-500mm f/4.5-7.1 (development announced)
  • RF 1.4x and 2x (development announced)
  • five additional lenses planned in 2020 (five empty slots on the roadmap).
Total is nine.

Feuille de route des objectifs Canon RF (13 fevrier 2020).jpg
 
Last edited:

AEWest

EOS RP
Jan 30, 2020
218
261
They made a reference to the "development announcement":




The development announcement was in February:
Let me see... they make an announcement about a development announcement while waiting for an actual announcement - or maybe an announcement of a date when they will confirm an actual announcement. Got it.
 
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Jack Jian

EOS M50
Feb 14, 2018
43
49
Good side of Coronavirus, because it impacts market, manufacturers will be throwing their best to attract buyers at low price for their Financials to get back on track. Good especially for Canon as they have been a bit 'stagnant' spec wise and it's the right time to throw in all good things with the new mount, unlike other brands who don't much more to offer after COVID-19 crisis.
 

canonnews

EOS RP
CR Pro
Dec 27, 2017
793
1,240
Canada
www.canonnews.com
I think you guys are misinterpreting the "popular price range" section of their statement. It's not low-end bodies that refers to, but rather cheaper lenses. Both before and after that phrase, they're still talking about lenses.

What this means is we'll get a bunch of RF non-L options. This may take up a good number of those mentioned 9 slots.
yes, i took it as they meant popular priced lenses.