Canon cuts 2012 compact camera sale forecast

TOKYO Thu Oct 25, 2012 2:11am EDT

TOKYO Oct 25 (Reuters) - Japan's Canon Inc cut its full-year forecast for compact camera sales on Thursday as it battles weaker demand from European consumers and stiff competition with smartphones.

The maker of IXY and PowerShot cameras lowered its compact camera sales outlook to 19 million units from 21 million, while also lowering its interchangeable lens camera outlook to 8.8 million from 9.2 million for the year to December.

Canon kept its 2012 currency assumption at 100 yen to the euro, the same as its projection three months ago. It revised its assumption of the dollar to 78 yen from its previous forecast of 80 yen.