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Published on : Jan 29, 2014

As Consumers Are Constantly Turning To Smartphones For Taking Pictures, Japan’s Canon Missed On Its Full-Year Profit Target Due To Slumping Demand For Its Digital Cameras.
According To The Company’s Comment Earlier Today, The Net Profit Rose 2.6 Percent Last Year To About 230.5 Billion Yen ($2.2 Billion) But Unfortunately Missed Out On A Full Year Profit Earlier Prediction For Reaching A 240 Billion Yen Target Due To Cost-Cutting Efforts And Weak Yen. 

The Revenue Increased From 7.2 Percent To 3.7 Percent Trillion, While Canon Managed To Record A 4.1 Percent Increase In Operating Profit To 337.3 Billion Yen. 

Canon Records Its Reports On A Calendar-Year Basis Pattern And Not In A Fiscal Year Pattern That Ends In March (Unlike Many Japanese Firms). 

The Rise In Profits Was Mainly Witnessed Due To The Effects Of The Depreciation Of The Yen And The Extreme Cost-Cutting. This Resulted In Some Steady Sales And Growth For Laser Printers And Office Multifunction Devices In The Industry. 

Nonetheless, The Yen’s Sharp Decline Over The Past Year Benefited The Japanese Exporters To A Certain Extent Because It Made Them More Competitive Overseas.   

Japanese And Canon Rivals Including Olympus And Sony Have Witnessed Massive Dips In The Demand For Their Digital Imaging Products Because Of The Booming Sales Seen In The Camera-Equipped Smartphones. 

Canon Has Expected Its Company’s Sales To Earn A Net Profit Of 240 Billion Yen And An Overall Operating Profit Of 360 Billion Yen On Sales (3.85 Trillion Yen), For The Current Year 2014.