Canon Q1 profit down nearly 29% on falling camera demand

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The company said net profit dropped to 33.9 billion yen ($284 million) for the January-March period, while operating profit fell 19.9 percent to 66.2 billion yen, on sales of 857.4 billion yen, down 1.3 percent.

It said slower camera sales and an increase in the cost of research led to the decline in profit, although the firm saw steady demand for laser printers and copy machines.

“During the first quarter, MFDs (multifunction copier/printers) and laser printers enjoyed steady growth that has continued from the previous year,” the company said in a statement.

“Despite solid growth in the US market, interchangeable-lens digital cameras continued to face severe conditions in other regions while sales volume for digital compact cameras decreased in all regions compared with the same period of the previous year,” it said.

1 Comment
  • Richard Sisk

    Canon needs to increase innovation and stop crippling cameras based on their tired vertical market ideas. The lack of 4k video features on most of their DSLR offerings will continue to slow sales. This is forcing many of us to buy the Gh4 from Panasonic and other cameras like the Samsung NX1. I have had to leave Canon due to this failure of Canon to understand the changing marketplace for cameras…