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It looks like there is some good news coming out of the camera industry during the pandemic. Canon has exceeded their sales projections for the 2020 fiscal year on the backs of the Canon EOS R6 and Canon EOS R5. Sales for both cameras have exceeded expectations, especially in China.
In the manufacturing industry, earnings forecasts have been revised upward one after another. Canon announced on the 14th that it will raise its consolidated net income for the fiscal year ending December 2020 due to strong sales of digital cameras in China. The background is the economic recovery in China, and there is a difference between the non-manufacturing industry, whose business performance is declining due to the re-expansion of the new coronavirus infection, and the recovery.
Canon’s consolidated net income for the fiscal year ending December 2008 will decrease 36% from the previous fiscal year to 80 billion yen, which is 28 billion yen higher than the previous forecast. New full-frame mirrorless cameras are performing well in the Chinese market. Ink sales for home printers also increased due to the expansion of telecommuting. Read the full article
Canon also saw a good increase in ink sales due to more people working from home.
Canon’s full fiscal 2020 financials should be presented before we hit February.