Canon Q3 financial reports: double-digit growth in unit sales for the Canon EOS R7 and Canon EOS R10 cameras
In the latest financial reports for the third quarter of 2022, Canon reported strong sales and double-digit growth in unit sales for the Canon EOS R7 and Canon EOS R10 cameras that resulted in a significant increase in overall revenue:
"As for Imaging, the unit sales of interchangeable lens cameras, through a recovery in product supply, thanks to the same abatement of material shortages, returned to growth. This and continued strong sales of interchangeable lenses, contributed to a 32% increase in revenue. As for operating profit, an increase in the proportion of sales attributable to the highly profitable EOS R system of mirrorless cameras and lenses, increased profitability to 18.0%.
Demand for cameras remains solid, even amid economic slowdown, thanks to the launch of new mirrorless models and interchangeable lenses by each company. As a result, we expect the market in 2022 to be 5.45 million units, a slight increase compared to last year.
In the third quarter, thanks to the higher volume of product supply and the addition of new models, namely the EOS R7 and EOS R10, mirrorless cameras that incorporate APS-C size sensors, we posted double-digit growth in unit sales, and coupled with an increase in lens sales, a significant increase in overall revenue.
Regarding our unit sales projection for the full year, we maintained our previous projection of 2.8 million units as we will not be able to supply enough products to meet demand.
Going forward, we will continue to stimulate demand by steadily strengthening our lineup of EOS R series mirrorless cameras. Cameras that incorporate full-frame sensors, like the EOS R5 and EOS R6, continue to enjoy strong support from professionals and advanced amateurs. Additionally, the 2 new cameras that incorporate APS-C size sensors, with their light-weight and small form factor appeal, are encouraging users who want to enjoy serious photography to switch from SLR cameras or step up from entry models. We have also expanded our range of RF lenses to 32 models, providing users a variety of options. Going forward, we will continue efforts to expand our market share and maintain high profitability by building a more robust EOS R system lineup."
