Canon Cuts Profit Outlook As Camera Slump Drags On

Japan’s Canon Corp cut its operating profit outlook for a second quarter in a row as a slump in the market for high-end cameras dragged on with a sharper-than-expected slowdown in emerging markets.

The world’s largest camera maker said it now expects to sell 8 million interchangeable-lens cameras in the year to end-December, down from the previous quarter’s forecast of 9 million and below last year’s total of 8.2 million.

It lowered its full-year operating profit forecast to 360 billion yen ($3.70 billion) from previous guidance of 380 billion yen. That compares with an average of 378.5 billion yen based on 23 analysts’ estimates according to Thomson Reuters Starmine.

Source : Reuters