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Canon to cut profit outlook as phones sap camera market

But medical devices and other new segments maintain strong performance

Canon's mirrorless digital camera continues to be one of the company's more successful products, with new lenses expected later this year.   © Reuters

TOKYO -- Canon is expected to downgrade its earnings guidance for 2019, Nikkei has learned, with operating profit likely to fall short of the current forecast by about 50 billion yen ($447 million) as digital cameras lose ground to increasingly sophisticated smartphone cameras.

The Japanese company's operating profit is on track to drop 20% to slightly above 270 billion yen, compared with the projected 325 billion yen. Sales for this year likely will undershoot the standing projection of 3.9 trillion yen as well.

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