Canon has reported its office-equipment sales fell 13 per cent in the third quarter. The Japanese manufacturer added that while demand for office multifunction devices (MFDs) continued to grow steadily in Japan and elsewhere, demand for laser printers leveled off, primarily in Europe, owing to the economic downturn.
Canon, the world's largest camera maker, also reported a decline in camera sales due to the increasing popularity of smartphones. “We lowered our camera sales projection because of slower economic growth and an increasing use of smartphones that’s eroding demand,” Chief Financial Officer Toshizo Tanaka told reporters.
Canon cut its profit forecast by 6.4 percent to 234 billion yen ($2.9 billion) as economic turmoil in Europe and slowing demand in emerging markets also hurt demand.