Japan's Canon said Monday that its net profit fell 20.5 percent in the first six months of the year as smartphones increasingly take a bite out of demand for digital cameras.
The photography and office equipment giant reported a 102.13 billion yen ($830 million) profit for the January-June period, while operating profit fell 11.5 percent to 170.90 billion yen.
Sales ticked up 2.0 percent to 1.83 trillion yen from a year earlier.
"Demand for digital cameras with exchangeable lenses and compact cameras were both below the previous year's levels," the company said.
Canon also trimmed its full-year forecast to a net profit of 245 billion yen, down from an earlier 255 billion yen projection.
Annual sales are expected to come in at 3.93 trillion yen, up from 3.86 trillion expected earlier.
"The demand for multi-function printers are expected to keep growing moderately" later this year, it said.
Name (required) *
E-mail (required, but will not be published) *
Notify me of follow-up comments
Rudi Garcia faces a daunting first assignment as Marseille coach with the struggling French giants travelling to bitter rivals and reigning champions…
The facade of the world's tallest building, the Burj Khalifa in the Gulf emirate of Dubai, was lit up in pink Thursday…
Embattled Donald Trump faced contempt from the most unlikely of places Tuesday — the Tokyo catwalk at a fashion show inspired by…
Powered and Developed by FilmMatters
Copyright © 2016 Arabtoday