Canon FQ3 Net Profit Down 35.6%

Canon

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.