Smartphones are rapidly killing the camera market

Canon, a popular camera maker, published financial results for the first quarter of 2019, and they didn’t bring any pleasant results. Canon reported a 47.6% drop in operating profit from 1Q2018, amid falling camera sales by 23% over the same period.The company earned revenues of $ 7.788 billion, which represents a 10% decline from last year. Operating profit fell 47.6% to $ 364 million, while net profit fell 45.2% to $ 282 million.

The compilers of the report note that the slowdown of the Chinese economy and not the most favorable conditions on the European market had an impact on the indicators. At the same time, in the US, demand for Canon products remained high, while gradual recovery continued in Japan.

Revenue units engaged in cameras, lenses and other photographic equipment, decreased by 17.0%. At the same time, the company notes the success of mirrorless EOS R cameras with interchangeable lenses.

Nevertheless, Canon CEO Fujio Mitarai’s forecast predicts that the camera market will be halved by 2021. According to the head of the company, the decline will be caused by more and more high-quality cameras in smartphones. For example, the Huawei P30 Pro smartphone already demonstrates capabilities that reach the level of professional cameras.

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