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Canon's profit likely to slide 40% on European slowdown

Outlook for 2019 dims further as chip market falters

The shrinking camera market continues to hurt Canon as well. (Photo by Shinya Sawai)

TOKYO -- Canon's operating profit is on track to sink 40% this year to slightly over 200 billion yen ($1.85 billion), Nikkei has learned, amid a slowing European economy and slumping chip market.

The Japanese company's profit for the year ending in December is seen falling roughly 60 billion yen short of its downgraded guidance in April. Sales likely will shrink 6% to a figure above 3.7 trillion yen, off about 100 billion yen from April's forecast. The full-year projections are expected to be lowered again when Canon presents first-half earnings next week.

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