Canon hit by smartphone sales

Canon - WIkimedia CommonsJapanese imaging giant Canon released its second quarter financial results and said demand for a number of its products fell during the period

In addition, Canon was hit by the disparity in currencies between the dollar, the euro and yen, it said.

In a statement, Canon said that although demand in Japan for interchangeable lens digital cameras remained strong but suffered “sever conditions” in other regions. Sales volumes for digital compact cameras also fell in most regions compared with the same periods of the previous year.

As cameras in smartphones become ever more powerful, there’s a disincentive for people to spend money on separate devices.

Canon said: “Although sales volume declined amid the ongoing contraction of the market due to the effects of the growing popularity of smartphones, profitability improved thanks to the growing ratio of high added value models featuring high image quality and high magnification zoom capabilities.”

Canon’s semiconductor lithography equipment segment grew in its second quarter, and although sales for volume for digital radiography systems fell compared to the same period last year, sales increased year on year.

Net profits for Canon fell to 68 billion yen for the quarter, compared to 81 billion yen in the same period last year.