The dominant lens and camera maker is looking to bump up its forecasts and expectations for its annual profit outlook due to the fact that their surveillance business branch is gaining so much more attractions in today’s market.
Other sources have also pointed that the company’s medical and office equipment are pushing the decision despite the slump in camera sales this year.
The famous Japanese company is most famous on its DSLRs and lenses in the past; now, the company is looking to capitalize on a different branch of their business.
Canon is also looking to capitalize on the growing popularity they have with their organic light-emitting diode or OLED screens which are used in productions and are rampantly used on their equipment.
Canon’s Optimistic Outlook
Canon has been predominantly popular from its camera and lenses system, but the Japanese gained world popularity with its copier and printers and today, they are looking to mark another hallmark in the market with their security systems and office equipment.
The company mentioned that they are extremely upbeat on the amount of profit their business-to-business model for surveillance cameras to their OLED equipment, the demand has been soaring and skyrocketing which prompted the company to raise their expected operating profit for this year to increase by 350 billion yen or $3 billion, doubling from their later expectations.
Canon also mentioned that they are raising their overall 2017 revenue forecasts to 245 billion or a $2.94 billion from the previous 220 billion yen they announced.
The decision also stems from the recent success the medical equipment business they recently acquired from Toshiba.
The whole decision has been strategically and has been statistically made possible from their previous results and one example is the company’s office equipment sales, which includes laser printers, was up from the past months by a massive 77% to 187.32 billion yen.
Canon’s Cameras’ Slumping Sales
One of the pressing matters that the company is experiencing these past few months is the shrinking number of sales on their cameras and lenses.
The company has been vigorously in combat with smartphone manufacturers who are upgrading and enhancing their onboard cameras on their units; this in return is dragging the consumers out of the DSLRs and the lenses market.
Peers and colleagues in the digital image making markets such as Fujifilm Holdings Corp and Konica Minolta are also taking similar precautions; the companies have been keen on developing their latest acquisitions as an attempt to branch out from their traditional business model.
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