Canon Hit Hard By Smartphones

Written by Computer Daily News     26/07/2013 | 09:24 | Category: INDUSTRY

TOKYO - Canon is struggling to sell cameras in a market which sees smartphones now leading 13-to-1 in shipments. Worldwide shipments of cameras have fallen to a 10-year low as consumers increasingly take pictures with phones from Apple and Samsung.

Canon Hit Hard By SmartphonesThe maker of PowerShot and EOS cameras cut its sales target for 2013 compact models to 14 million from 14.5 million and its forecast for single-lens reflex deliveries to 9 million from 9.2 million.

Canon cut its revenue forecast to 3.85 trillion yen for this year from an April projection of 3.98 trillion yen. Operating profit, or sales minus the cost of goods sold and administrative expenses, may be 16 percent less than previously expected, the company said.