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Canon Imaging Year-On-Year Profits Down Over 50% For Q3

Canon has released its Q3/2019 financial report which shows a downturn in profits but mirrorless camera sales did increase thanks to the EOS R.

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Canon Imaging Year-On-Year Profits Down Over 50% For Q3: Canon EOS R (3)
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Canon has released its financial report for the third quarter of 2019 and it shows that both year-on-year sales and profits for the Imaging sector of the business are down. 

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Sales decreased by 13.9% while income, before taxes, decreased by 57.8% when compared with last year's figures. Sales for the combined first nine months of the year shows a year-on-year decrease of 16.5%, while income, before income taxes, shows a year-on-year decrease of 67.3%.

The report says that sales in interchangeable-lens digital cameras decreased compared with the same period of the previous year as, simply put, people aren't buying entry-class models any more which could be down to people reaching for smartphones rather than spending money on cheaper cameras. However, a bit of good news for Canon, the sales of mirrorless cameras increased thanks to the release of the mirrorless full-frame EOS R and affordably priced models such as the EOS M200

Going forward, Canon expects the interest in entry-level interchangeable-lens digital cameras to shrink further but they see the demand for mirrorless cameras to continue to grow steadily, particularly for advanced amateur models, which includes those equipped with full-frame sensors

(Via Photo Rumors)

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