Smartphones are rapidly “kill” the market for cameras

Manual Canon predicts a reduction of the market cameras double by 2021

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Смартфоны стремительно "убивают" рынок фотокамер

Canon’s net profit has decreased by 45.2%

A popular manufacturer of digital cameras Canon has published financial results for the first quarter of 2019, and they did not bring pleasant results. Canon has reported a fall in operating profit by 47.6% from the 1st quarter of 2018 amid falling sales of cameras by 23% over the same period.

The company received income of $ 7,788 billion, which represents a decline of 10% compared to last year. Operating profit fell by 47.6% to 364 million dollars, and net profit by 45.2% to 282 million dollars.

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The drafters of the report note that the indicators affected by the slowdown of China’s economy and unfavorable conditions in the European market. At the same time, U.S. demand for products Canon remained high, and in Japan continued a gradual recovery.

Income units dealing with cameras, lenses and other photographic equipment, declined 17.0%. The company notes the success of mirrorless cameras EOS R with interchangeable lenses.

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However, the forecast of the General Director of Canon Fujio Mitara portends a shrinking market cameras by half by 2021. In the opinion of the head of the company decline is caused by increasingly high-quality cameras in smartphones. For example, the smartphone Huawei P30 Pro already demonstrates the capabilities which reach the level of professional cameras.

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Earlier, Nikon had ceased production of cameras. In turn, Xiaomi is preparing a unique camera for selfie.

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