Canon has posted their first quarter of 2020 financial results, as expected, COVID-19 has impacted their businesses across the board.
From Canon:
In the first quarter, amid ongoing camera market contraction, we posted a significant drop in revenue. This was due to a shortage of products linked to supply-chain issues that arose in connection with COVID-19.
Going forward, we will make every effort to minimize the sales impact, carrying out flexible parts procurement that takes into consideration the operating status of suppliers and clarifying our priorities as it relates to the production of each model.
In addition to the impact on supply, sales of interchangeable-lens cameras were also greatly affected. One after another, life events were canceled or postponed and chances to use cameras decreased. In addition to this, we believe it will take time to see a recovery in the demand for cameras, which are considered luxury items, even after the global economic turmoil has...
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