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July 24, 2019, 3:32 a.m. EDT

Canon cuts guidance as profit drops 56%

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By Kosaku Narioka

TOKYO--Canon Inc. (7751.TO) said Wednesday its second-quarter net profit fell 55.6% to 34.52 billion yen ($319.0 million) from a year earlier, due to weaker sales in digital cameras and office printers.

Net profit for the second quarter ended June missed the analyst consensus of Y48.68 billion provided by FactSet.

Sales for the imaging system business, which includes cameras, fell 18.5%, while sales for the office equipment business dropped 7.5%. Those declines far outweighed gains made in the medical equipments business, a new focus area for Canon.

Revenue fell 10.0% to Y905.87 billion in the second quarter, falling short of the consensus of Y929.87 billion.

Canon also cut its annual sales and profit guidance. Revenue is expected to decrease 5.2% for the year ending December, compared with the previous expectation of a 2.6% decline. Net profit is expected to fall 36.7%, compared with the previous forecast of a 20.9% drop.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

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