Canon Reports Accelerated Declines

Canon reports accelerated declines

Canon reports accelerated declines

(JANUARY 29, 2020) Canon said it saw accelerated contraction in the laser printer market in 2019.

In its Office division, the OEM reported annual sales of ¥1,700 billion ($15.5 billion), a year-on-year decline of almost 6%, while operating profit slid by 23.5% to around $1.5 billion.

Canon said it achieved “solid” sales of color multi-function devices (although they were still down around 3%), but that revenue from laser printer hardware and consumables declined by more than 9% in local currencies due to the impact of economic slowdown in Europe and China.

While further declines are still expected in the laser printer category in 2020, Canon said consumables sales should stabilise. As a result, it is forecasting a double-digit improvement in operating profit at the Office unit this year. The company said its “unwavering focus” on protecting its patent rights would also be maintained. - (OPI)