Canon Plans To Lower Its Profit Forecast For 2019

Canon Plans To Lower Its Profit Forecast For 2019

According to a Nikkei Asian Review report [partial paywall], Canon plans to lower its profit forecast for the 2019 fiscal year by 20 percent  -about 50 billion yen- as a result of shrinking camera sales.

What can be attributed to this downturn? Because of the increasing capabilities of smartphone cameras, digital camera and semiconductor markets are shrinking, according to Nikkei. Below is the report’s entire translated section:

‘Canon will lower its forecast for the fiscal year ending December 2019. Consolidated operating profit (US GAAP), which indicates the mainstay of the business, is likely to decrease by 20% over the previous fiscal year to just over 270 billion yen. About 50 billion yen lower than the previous forecast. The shrinking of the digital camera market and the deterioration of the semiconductor market due to the functional improvement of smartphones (smartphones) will hit hard.’

This report echoes the decline reported by the Japanese Camera & Imaging Products Association (CIPA) earlier this month in global camera sales.

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