Canon cites emerging markets slowdown as profit target cut
TOKYO, July 24
TOKYO, July 24 (Reuters) - Canon Inc, the world's largest maker of digital cameras, said on Wednesday that a recovery in consumer demand it had expected in the second half of the year was likely to be slower than expected due in part to weakness in China and emerging markets.
The company, also a major manufacturer of copiers and printers, cut its operating profit forecast for the year to December to 380 billion yen ($3.81 billion) from 450 billion yen while trimming its full-year sales targets for both interchangeable-lens and compact digital cameras.
Canon's chief financial officer, Toshizo Tanaka, told an earnings briefing that prolonged weakness in Europe and slowing growth in emerging markets were weighing on a recovery in demand.
($1 = 99.7650 Japanese yen)
(Reporting by Reiji Murai; Writing by Edmund Klamann; Editing by Matt Driskill)
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