A Canon EOS Rebel Brian Ach, Getty Images

Slumping Camera Demand Cuts Into Canon Profit

Smartphones are the biggest reason why the Japanese company's profit has dropped 19% during the first nine months of the year.

TOKYO — Canon announced on Tuesday that slumping demand for cameras took a bite out of its bottom line, as consumers have increasingly turned to smartphones to snap their photos.

The company also blamed sagging sales of its office printers in China and across Asia for a 19% decline in nine-month net profit to 151.3 billion yen ($125.72 million). 

Canon cut its full-year forecast again, blaming stagnant sales of laser and ink jet printers, as well as digital cameras in emerging economies in Asia. But revenue in the latest period was 3.4% higher as office equipment demand in other markets held up.

The company said it now expects a net profit of 225 billion yen ($186.97 million) against its earlier estimate of 245 billion yen ($203.59 million) for the calendar year — the second forecast cut in three months.

Canon and domestic rivals including Sony and Olympus have seen a big drop in sales of their digital imaging products as camera-equipped smartphone sales boom.

Copyright Agence France-Presse, 2015

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