The Strategist

Canon's Q3 profit drops by 43%

10/29/2019 - 05:35

Canon camera maker reported a 43% year-on-year decrease in net profit in Q3 due to a drop in sales of cameras, office printers and industrial equipment.

Anthony Storo via flickr
Anthony Storo via flickr
The figure was 26.52 billion yen ($ 244.1 million) against 46.26 billion yen a year earlier. Analysts polled by FactSet forecasted the company’s net profit to average 35.67 billion yen.

Canon's revenue for the reporting period decreased by 6.2%, to 869.50 billion yen from 926.50 billion a year earlier, with a forecast of 891.89 billion yen.

The company worsened annual forecasts. Now it expects a profit drop of 45% instead of the expected 37% and revenue drop of 8.3%, rather than 5.2%, as previously expected.

After the publication of the report, Canon shares fell 0.53%. Since the beginning of the year, the company's capitalization has decreased by 2.2%, to 3.14 trillion yen.