Canon reports sales & profit decline
- reported third-quarter net income of $245.6 million
- posted total revenue of $8.05 billion down 6.2%
- stock has dropped 4% in the last 12 months
- net profit fell 43% from a year earlier to 26.52 billion yen ($244.1 million)
- operating profit decreased by 43.7 percent year-over-year to ¥38.4 billion.
- Income before income taxes decreased by 29.9% to 47 billion yen
- overall sales of Canon office MFPs decreased slightly compared with the same period of the previous year
o total sales for the Office Business Unit down 3.9% to 413.8 billion yen
MFP sales down 4.9%
o income before income taxes decreased by 16.5%
o For the nine-month period ended September, net profit dropped 49% on year to
Y92.35 billion
Net sales dropped 8.8%
- cut its full-year revenue and net profit forecasts for a third time
o expects revenue to decrease 8.3%
o expects net profit to drop 45%
- also announced it is shutting down its Irista photo storage and sharing website in a cost cutting move
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