Canon Inc of Japan mentioned that its operating profit for the quarter decreased by one-fifth, as the digital camera demand went down and it had to spend more on the development of its new businesses. However, it had its estimations for one whole year nudged up on a value of yen that is sharply weaker.
The shift of consumers to smartphones when it comes to taking casual photos has hit the compact camera demand, while the increasing popularity of cameras that are lighter and are mirror less has removed market share out of the single-lens reflex cameras at a higher margin.
The profit of the operations for the quarter of the months of July to September reached 71.8 billion yen, which is not that far compared to the figures projected by Nikkei business daily just earlier this month.
According to the spokesman of a company, the investments to improve business like semiconductor steppers and video surveillance also contributed in outweighing a contribution worth 11.4 billion yen from the weaker value of the yen.
The revenue went down 4.5 percent, reaching 872.2 billion yen.
This export-reliant company had its forecast of operating profit lifted. However, it recognized that. Also, for the yen with a weaker value, it might have been down for a revision.