The decline comes as a slowing European economy has caused corporate clients to postpone investments, negatively impacting sales of office equipment and other machinery, the report said. A slumping chip market has also negatively affected profit.
Canon's profit for the year is seen falling roughly JPY60 billion short of the company's lowered April guidance, the report said, and full-year projections are expected to be lowered further when the company presents Q2 earnings next week.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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