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Olympus reports 40% revenue loss in Q1 due the Covid-19 outbreak


Olympus released the full financial report. Revenue for the Imaging Business dropped by 40% in Q1. Olympus writes:

Consolidated revenue in the Imaging Business amounted to ¥6,024 million (down 40.9% year on year), while operating loss amounted to ¥2,746 million (compared with an operating loss of ¥2,341 million in the same period of the previous fiscal year).
A harsh operating environment due to the rise of smartphones, etc. in addition to a decrease in customers at physical stores because of the impact of COVID-19 led to a decline in revenue in the Imaging Business.
Operating loss in the Imaging Business expanded mainly due to the decrease in revenue, despite the advancement of improved cost-effectiveness.

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