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Canon releases interim financial report
Canon released an interim financial report and Canon right now seems to be facing a perfect storm of conditions across multiple business lines.
Out of the four major business units, 3 of them report fewer sales than the first 6 months of the prior year, with the exception of Medical Systems, however, even there the growth was modest and certainly not able to make up for the losses in the other business units.
More for our focus is the Imaging Department which posted a loss of sales of 17.8% from a year ago. Canon mentions that KISS M (or the Canon M50 sales) remain strong, but significant problems with the inkjet side of the imaging department helped contribute to the significant downturn in sales for the first half of the year.
I'm sure in a few websites, the narrative will be "full frame mirrorless" however, let's be realistic here, full frame makes up a small segment of the market for Canon who controls around 50% of the market. Forces such as the slowing down of China and Europe economies and the ongoing trade war between the US and China certainly hasn't helped.
It will be intriguing to see how this year and next year plays out.
Read the full report here
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