Canon Says Slumping Camera Demand Took Bite Out of Profit

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By Agence France-Presse | Updated: 27 October 2015 15:20 IST

Japan's Canon said Tuesday that slumping demand for cameras took a bite out of its bottom line, as consumers increasingly turn to picture-taking smartphones.

The company also blamed sagging sales of its office printers in China and across Asia for a 19 percent decline in nine-month net profit to JPY 151.3 billion (roughly Rs. 825 crores).

Canon cut its full-year forecast again, blaming stagnant sales of laser and ink jet printers as well as digital cameras in emerging economies in Asia.

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But revenue in the latest period was 3.4 percent higher as office equipment demand in other markets held up.

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The company said it now expects a net profit of JPY 225 billion against its earlier estimate of JPY 245 billion for the calendar year - the second forecast cut in three months.

Canon and domestic rivals including Sony and Olympus have seen a big drop in sales of their digital imaging products as camera-equipped smartphone sales boom.

 

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Further reading: Cameras, Canon, Laptops, Olympus, PC, Sony
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