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Canon releases their third quarter financials
Well we all know this year has been hard, but how did Canon fare this quarter? Their overall company sales were of course down, with so much of the world suffering through near-catastrophic economic disruptions because of COVID-19. However surprisingly Imaging did quite well this quarter with a 167% increase in profit from Q3 2019 to Q3 2020 and only a net loss of 2% in sales. What helped imaging is the fact that more people were working from home and needed devices like printers and print cartridges at home.
If we look at just the cameras section of imaging, the results aren't nearly so good, showing across the board drops in both sales and profits.
Let's be realistic, even though most of us love our cameras, they are not considered a necessity to upgrade right now. There are more important things to either save our money for or spend our money on.
If no one upgrades, then no one gives Canon any money. This isn't just limited to Canon. The industry as a whole has seen an unprecedented drop in shipments and sales this year.
Canon is feeling a little bullish, increasing its year expectations in camera sales by 25%, and also increasing their camera profits to increase by 35%. Canon is also projecting that they will sell 2.7 million cameras this year, far less than last year, but still around their normals if you consider the drop in the overall market to 5.9 million. This is a 46% marketshare projection, in line with what they have most other years.
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