TOKYO (Reuters) – Japan’s Canon Inc reported a 12.4 percent drop in third-quarter operating profit on Thursday, dented by lean demand for high-end cameras, and lowered its full-year earnings outlook for the second time this year.
People are silhouetted against a display of the Canon brand logo at the CP+ camera and photo trade fair in Yokohama, Japan, February 25, 2016. REUTERS/Thomas Peter/File Photo
The camera and printer maker posted an operating profit of 68.3 billion yen ($610 million) for the quarter ended September, compared with 78 billion yen a year earlier.
The company’s profit missed an average estimate of 86.57 billion yen projected by six analysts, according to Refinitiv data.
Canon slashed its annual profit forecast to 335.5 billion yen from 378.5 billion yen, compared with analysts’ estimates of 375.4 billion yen.
Reporting by Makiko Yamazaki; Editing by Edwina Gibbs and Sherry Jacob-Phillips