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- Q3 operating profit falls 21 pct to 71.8 bln yen
- Steep fall had been flagged by Nikkei business daily
- Investments in new businesses also weighed on profit
- Full-year earnings forecast lifted on weaker yen
By Sophie Knight
TOKYO, Oct 27 (Reuters) – Japan’s Canon Inc said quarterly operating profit fell by a fifth as demand for digital cameras slumped and it spent more on developing new businesses, but it nudged up its full-year earnings estimates on a sharply weaker yen.
The consumer shift to smartphones for casual photo taking has pummelled demand for compact cameras, while the growing popularity of lighter mirrorless cameras has taken away market share from higher margin single-lens reflex cameras.
Operating profit for the July-September quarter came in at 71.8 billion yen ($665 million), not far off figures flagged by the Nikkei business daily earlier this month.