Canon is one of the first of the main camera makers to issue it’s financial results for the third quarter of 2012, and the results were down on expectations with a weak third quarter also causing the company to cut it’s full year forecasts.
Key reasons for the slow down comes from worsening economic conditions in European countries and the Chinese markets starting to boycott products from Japan. As a result the company expects to sell less cameras in 2012 than originally planned, from 21 million compact cameras to 19 million, with DSLR sales from 9.2 million to 8.8 million for 2012. Compact cameras in the PowerShot and IXUS ranges face increasing competition from smartphones, more and more users are buying Apple or Samsung camera phones and just not buying a standalone camera. However it is not just cameras, tighter business environments in Europe particularly also impacts the companies office printer products too.
According to the Canon information, all regions of the world generated less revenue than the same period in 2011, with Europe being the weakest with a fall of 19% compared to Q3/2011. Camera business gets the highlight attention but actually only fell by 7.3% whereas the office printer business was down 13.4% compared to the same period last year. Industrial machines including semi-conductors was down 24.9%.
Full information on the results can be found on Canon’s Investor Relations website.