Europe and a slowdown in China and other emerging markets.
The Tokyo-based company, a bellwether for major Japanese exporters, said its net profit came to Y50.1 billion for the July-September period, compared with a year-earlier profit of Y77.86 billion.
Sales during the latest reporting quarter declined 12.8% to Y799.95 billion from Y916.91 billion a year earlier. Operating profit dropped 42.2% to Y70.88 billion.
The latest quarterly showing was weaker than the mean estimate of a Y63.77 billion net profit from five analysts' forecasts compiled by Thomson Reuters.
For the current business year ending December, the Japanese company also revised downward its previous earnings estimate made in July. It lowered its full-year net profit outlook to Y234 billion from Y250 billion.
Meanwhile, the company cut its operating profit outlook to Y356 billion from Y390 billion. Sales are now pegged at Y3.53 trillion, down from Y3.690 trillion.
Canon's earnings are based on U.S. accounting standards.
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