The finance website Bloomberg are reporting that Olympus, which announced their first ever annual loss a month ago, are planning to cut the cost of producing digital cameras by over 30%. This is in addition to 4,000 job losses (saving about 3 billion yen), mainly in China.

“Olympus expects its imaging division to post an operating profit of 2 billion yen in the second half of this year, following a 13 billion yen operating loss in the six months ending Sept. 30. Olympus was overtaken last year by Eastman Kodak Co. as the third- biggest seller of digital cameras in a market led by Canon Inc. and Sony Corp. It had an 11.2 percent global market share, according to IDC.

“We need to maintain at least a 10 percent share to secure gains,’’ said Kikukawa, adding that the company will continue to buy about 60 percent of its digital cameras from other companies.”

Website: Bloomberg.com - Olympus to Cut Digital Camera Costs to Recover Profit