Canon has just announced the quarterly earnings: its operating profit for the quarter (about $665 million) has fallen 21% compared to last year and that total revenue fell by 4.5%.
The reason for Canon’s weakening business is “Smartphones are causing consumer demand for compact cameras to shrivel up, while mirrorless cameras take away market share from Canon’s DSLRs, which have higher profit margins.” Reuters reports
It seems many photographers aren’t choosing Canon EOS M cameras though Canon has just announced the new EOS M10 (Amazon| Adorama| B&H| eBay).
Source: petapixel
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