Canon revised upward their 2020 earnings forecast due to strong cameras sales in China
Nikkei (translated) reports that Canon revised upward their earnings forecast for the fiscal year ending December 2020 due to strong cameras sales in China:
In the manufacturing industry, earnings forecasts have been revised upward one after another. Canon announced on the 14th that it will raise its consolidated net income for the fiscal year ending December 2020 due to strong sales of digital cameras in China. AGC also raised its earnings forecast for the fiscal year ending December 2008. The background is the economic recovery in China, and there is a difference between the non-manufacturing industry, whose business performance is declining due to the re-expansion of the new coronavirus infection, and the recovery.
Canon's consolidated net income for the fiscal year ending December 2020 will decrease 36% from the previous fiscal year to 80 billion yen, which is 28 billion yen higher than the previous forecast. New full-frame mirrorless cameras are performing well in the Chinese market. Ink sales for home printers also increased due to the expansion of telecommuting.
Via Digicame-info