Canon FQ3 Net Profit Down 35.6%
Canon (NYSE: CAJ) reported a 35.6% drop in its fiscal third-quarter net profit.
Canon's quarterly net profit fell to Y50.1 billion, from a year-ago profit of Y77.86 billion.
Its sales dropped 12.8% to Y799.95 billion from Y916.91 billion, while operating profit fell 42.2% to Y70.88 billion. However, analysts were expecting a net profit of Y63.77 billion.
For the current business year, Canon lowered its net profit forecast to Y234 billion from Y250 billion.
Canon shares closed at $32.37 yesterday.
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