Canon earnings hit
TOKYO: Japan’s Canon said on 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 per cent decline in nine-month net profit to 151.3 billion yen. 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.
But revenue in the latest period was 3.4 per cent higher as office equipment demand in other markets held up.
The firm said it now expects a net profit of 225 billion yen against its earlier estimate of 245 billion yen for the calendar year the second forecast cut in three months.