Canon Q1 profit falls 29% as compact camera sales slump

FEWER MODELS: Canon also said it expects to sell 7.0 million compact cameras in 2015, versus a previous forecast of 7.8 million and 22.5% less than in 2014.

TOKYO: Canon Inc said net profit fell 28.7% in its first quarter, falling short of analyst estimates, as the Japanese company faced slumping sales of digital compact cameras. 

Profit was 33.93bil yen (RM1.01bil) in January-March, compared with the 53.64bil yen (RM1.60bil) average estimate of five analysts according to Thomson Reuters data.