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Asia Nikkei Review: Surprise camera comeback drives Canon earnings rally
More good news and information based upon yesterday's fiscal earnings report from Canon. Asia Nikkei review gives a glowing article to Canon's continued growth and it's efforts to broaden the reach of the company into the future.
They have an interesting comment about the camera market, stating that sales exceeded manufacturing during parts of the year and is still ramping up.
Cameras and multifunction devices -- which perform some or all of the work of printers, scanners and copiers -- once made up Canon's backbone, providing nearly 90% of sales. But the proliferation of smartphones, among other headwinds, crimped the market and earnings began to fall.
Yet in 2017, even as many abandoned hope for growth in such operations, the digital camera market rose for the first time in five years, aided by people's desire to shine on the photo-sharing social media platform Instagram. Healthy sales of mirrorless cameras propelled Canon to a 22% operating profit gain in a segment that had been on an uninterrupted decline. The surprise turnaround left supply nearly unable to catch up with demand at one point, and a major camera plant in Nagasaki Prefecture is still working to ramp up output.
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