Canon expects net profit to dive 21% in 2019 amid China slowdown

TOKYO - Canon Inc. said Wednesday it expects its group net profit for 2019 to dive 20.9 percent from a year earlier to 200 billion yen ($1.79 billion), lowering its outlook due to weak sales of camera products amid an economic slowdown in China.
The company had earlier projected 240 billion yen in net profit. It also cut its consolidated operating profit to 274 billion yen from 325 billion yen on sales of 3.85 trillion yen, against the earlier forecast of 3.9 trillion yen.

Canon said the digital camera market continues to shrink, while touching on growing concerns over the outlook for the global economy stemming from trade stagnation.

Source: https://mainichi.jp/english/articles/20190425/p2g/00m/0bu/004000c