Canon Business General

Canon Cuts Profit Forecast as Post-Brexit Yen Strength Bites

This site contains affiliate links to products and services. We may receive a commission for purchases made through these links.

Canon Inc (7751.T) cut its full-year profit forecast on Tuesday, becoming Japan’s first major technology company to report a weaker outlook on the yen’s surge following Britain’s vote to leave the European Union.

The world’s biggest maker of cameras and printers forecast group operating profit of 265 billion yen ($2.54 billion) for the year through December, from 300 billion yen estimated three months prior.

The new forecast, Canon’s second downward outlook revision this year, is below market expectations of 297 billion yen, based on estimates of 17 analysts surveyed by Thomson Reuters.

Read more at Reuters

Comments are closed.