Casio say they’re pulling out of the digital camera business.
The industry has been shaken up by smartphones.
Casio launched its digital camera unit in 1995, releasing the first-ever model with an LCD screen on the back. The product was a huge hit that helped to trigger a boom in digital camera sales.
But the market has been declining with the growing popularity of camera-equipped smartphones. Casio’s digital camera business has posted losses for the past 2 years, with shipments falling to one-tenth of their peak.
Casio officials say they concluded that the business would not be able to return to profitability.