Canon Inc.’s forecast for annual net income missed analyst estimates as the world’s largest camera maker stumbles amid slowing demand.
Net income will probably total 240 billion yen ($2.3 billion) in 2014, the Tokyo-based company said in a statement today. That’s less than the 267 billion yen average of 22 analyst estimates compiled by Bloomberg
Smartphones and tablet computers are adding sophisticated lenses and sensors, eroding demand for Canon’s PowerShot compact models and EOS high-end sets and leading to the first annual drop in shipments of single lens reflex models. The company is promoting cost cuts as it seeks to expand businesses such as medical imaging to sustain profit growth.
Canon expects to sell 7.6 million single-lens reflex cameras in 2014, which is 50,000 fewer than last year, while sales of compact models are forecast to drop 20 percent to 10.5 million units, the company said.
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Canon Misses Forecast Amid Camera Slump
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