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The
world's largest camera maker said on Monday its second-quarter
net profit fell to 68 billion yen ($552 million) compared with
81 billion yen a year earlier. Analysts on average expected 65
billion yen, according to Thomson Reuters data.
The firm said it now expects full-year profit of 245 billion yen
rather than the 255 billion it forecast three months ago.
Canon has been trying to offset weak growth in cameras with
investments in new businesses. Earlier this year it offered to
buy video surveillance firm AXIS AB for $2.7 billion.
"Despite firm sales in Japan, interchangeable-lens digital
cameras continued to face severe conditions in other regions
while sales volume for digital compact cameras decreased in most
regions compared with the same period of the previous year,"
Canon said in a statement.
It also said the weak yen was inflating operating costs. It
expects the dollar to trade at an average of 125 yen for the
rest of the year instead of 120 yen forecast three months ago.
Shares of Canon fell 0.75 percent ahead of the earnings release,
compared with a 0.95 percent fall in the broader market.
(Reporting by Ritsuko Ando; Editing by Christopher Cushing)
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